Intraday call performance 08/12/08

Market feeling pressure at higher ends..!

As expected, market started bullish and even made a high of 2861, but higher end selling came in again to take nifty towards 2784 at close., up 69 points from the previous close.Though nifty started off very well opening gap up above 2800 and even zoomed to go past 2850, it just couldn't sustain above 2800 and in closing hours came down towards 2770.Top Nifty gainers included DLF, TATA STEEL and CAIRN while losers included BPCL, MAHINDRA & MAHINDRA and SATYAM.

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 2810 stop 2822 for target 2775 and it made 2782....GOOD PROFIT

Short DLF at 220 stop 222.2 for target 214-207 and it made 210....GOOD PROFIT

Short ICICI Bank around 377 stop 383.2 for target 367-359 and it just made 366....GOOD PROFIT

Market Outlook 08/12/08

Market loooking bullish from lower levels

On friday, though nifty zoomed past 2800 it couldn't sustain above that and came down and closed near 2700.On global scenario, things are positive and indian market also might take cues from global market and start moving up again today.DOW has closed the day at 8635.42 on friday-up by 259.18 points.For today, nifty above 2720 will move towards 2780-2820 (strong resistance) again.Below 2700, strong support exists at 2675.So, untill 2675 is saved market is bullish only and any move above 2845 will take nifty towards 2900 straight.Tomorrow being a trading holiday, some volatility may be expected in the indian market today.Be cautious at higher levels today.