Intraday Call performance 12/12/08

Day of Reliance Industries moving the market..!

It was a volatile day of trading today as nifty though opened below 2900 and hit 2812 as given here, Reliance Industries again lifted the market and made nifty to close at 2921, up 1 point from the previous close.Till afternoon , market was down and then R-Group took charge of the market to take it up above 2900 again even with poor IIP numbers and failed US auto bailout package shows the kind of magic R-Group can do to the market.The market breadth was positive with advances at 847 against declines of 387 on the NSE.Top Nifty gainers included DLF, Reliance Industries, BPCL and Suzlon and losers included Nalco, TCS and Wipro.

Following calls were given in yahoo messenger for clients

Short Nifty Futures around 2840 with stop loss 2850 for target 2820-2785 and it made 2801....VERY GOOD PROFIT

Buy Reliance Power around 116 with stop loss 114.3 for target 119-124 and it hit the stop loss

Buy Reliance at 1236 with stop loss 1226 for target 1275 and it made 1292....VERY GOOD PROFIT

Short Satyam at 219 with stop loss 223 for target 212-208 and it made 215....GOOD PROFIT

Short Reliance around 1285 with stop loss 1292 for target 1255-1230 and it made 1260....VERY GOOD PROFIT

Market Outlook 12/12/08

Market looks tired and on the verge of breaking

Due to system failure, calls were not given to clients yesterday..i regret..

It was a very small movement day for nifty for most part of the day yesterday with bias being negative and only Reliance at the end pulled the market up at close.On global scenario,
The Dow Jones industrial average fell 196.33 to 8,565.09 as.investors grew fearful that a bill to rescue the companies wouldn't make it through the Senate.The heads of the three automakers said that even one of the companies going into bankruptcy would slam an already battered economy with thousands of job losses.The dollar was mostly lower against most other major currencies, while gold rose. Light, sweet crude jumped $4.46 to settle at $47.98 a barrel on the New York Mercantile Exchange.Bank of America Corp. said Thursday it expects to cut 30,000 to 35,000 jobs over the next three years, as it faces a deteriorating economic environment and tries to absorb Merrill Lynch & Co.The company and Merrill have about 308,000 employees in total, and the cuts will affect workers from both companies and all types of businesses.In indian market today, nifty will face tough resistance at 2950 and then 2985 where heavy selling is expected again.Downside, nifty spot is having strong support at 2870 and if nifty stays below 2870 with volume for sometime, it will crash to 2850 and then 2800 today.Today's opening and closing is very important.