Market Outlook 24/06/08

Yesterday's bottom holds the key for today....

Market bounced from 4225 yesterday and zoomed around 100 points and in the closing hours started sliding again to close around 4250 and for today, yesterday's low holds the key again and maybe 5-10 points below yesterday's low is also fine and below that nifty will try for 4150 support and if nifty moves above 4275, it will again move towards 4340 resistance where selling is expected today also and this volatility is expected to continue for the whole of this week.Disappointment that Saudi Arabia is not boosting production by more than 200,000 barrels a day sent oil prices higher, fanning concerns about inflation. Light, sweet crude rose $1.38 to settle at $136.74 per barrel on the New York Mercantile Exchange.Dow closed flat yesterday and Tomorrow's federal meeting and also indian political scenario on government survival will bring in more volatility to the market.So, intraday players are adviced to book profits whenever it comes.

Stock watch for the day:

Renuka Sugars (103): Short this at higher levels with stop loss 108.2 for lower target 100-96.Above 108, dont be on selling side as it is a very volatile stock.

Intraday call performance 23/06/08

Volatile day of market

Market opened weak as expected but was above 4300 surprisingly for about 45 minutes and then once started sliding below 4300, it was allround selling which took nifty towards 4200 as it made a low of 4225 and then buying came very heavily to lift nifty up with more than 100 points.Though Europian markets opened flat, it recovered a bit later on and at the closing bell nifty again started sliding below 4300 and closed around 4250.This volatility will continue for whole of this week because of so many factors around and main thing is of nuclear deal issue and government survival which will be known on wednesday and thursday is the expiry day. Oil, Pharma and Banking stocks contributed much into this downfall.

Stock watch for the day:

Polaris: This was given a sell call with stop loss 93 for target 86 and it made 86 with high at 91

Following calls were given in yahoo messenger for clients:

Good day of profits for clients

Buy Nifty Futures around 4220 with stop 4200 and it made 4275 and gave cover order

Short Nifty Futures around 4325 with stop 4340 and it made 4260

Buy Axis Bank around 676 with stop 670 and it hit exact support and then zoomed to 710

Short SBI around 1235 with stop 1252 and it made first target given at 1190

Short Axis Bank around 688 with stop 695 and when it made 680, gave cover order

Short Tisco at around 762 with stop 766 and it made 742

Short Axis Bank around 710 stop 713 and it made 691

Market Outlook 23/06/08

Low opening....Get ready for bottom fishing..!

All bad news are flowing in the market and the new addition is of the governemt falling news as left has already gone on record saying that they will withdraw its support to U.P.A government if the government decides to sign the nuclear deal .overthat, Mayawati has already withdrawn her support to the U.P.A government and there will be last minute adjutments now to save the government at this crucial pont. Dow has also closed deep down -220 on friday and crude oil closed near $135 a barrel on Friday.This expiry week will see more volatility because of all these news.Nifty broke all the supports on friday and all set to go down more now, as it is expected to open gap down-may be around 4200-4150 levels and tomorrow's bottom is very important and bottom fishing may also come tomorrow and if government doesn't fall, nifty might start picking up again towards 4700-4800 taking this bottom as base.For tomorrow, nifty below 5300 will target 5210 and then 4155 is one support on downside to watch out for.

Stock watch for the day:

Polaris (90): Short this stock with stop loss 93 for lower targets 86-84

Black monday for indian market..!

Where market is heading now..!

Already markets are crushed even though it is oversold as there seems to be more pressures of inflation and Government survival problems as it was evident in friday's crash and now nifty has already broken all supports and is near to 4300 and if at this stage government falls, where will nifty go....! Bahujan Samaj Party chief Mayawati has withdrawn her party's support to the Congress-led United Progressive Alliance government at the Centre.The BSP has 17 members in the Lok Sabha, which has an effective strength of 543. The UPA currently has the support of 220 members. The Left parties, which have 59 lawmakers as a block, extend outside support to the government. Dow fell more than 200 points yesterday and for india it will be a black monday and maybe with huge gap down....!
According to me, even if government falls here, timing also plays an important role and if the bad news comes of government fall when nifty is around 4200, impact might be too deep and nifty might see 3600-3500 straight and if th government survive for some more time and falls when nifty is at around 4800, then nifty might dip to 4000-3900 levels.
On otherway round, if government doesn't fall 4100-4000 level will be the bottom for this correction
and nice time to pick some good stocks also....
This week will be full of activity in political circles and in stock market, it is expiry effect....so, get ready for the action packed week......

Intraday call performance 20/06/08

Market in deep red

Today Nifty never raeched 4540 and staying below it in the morning session showing weekness and after the inflation figures came out showing the numbers in double digit-which no one imagined to be that high, market crashed breaking all the supports inbetween and made a low of 4333 and any move below this level might take nifty towards 4200 first.Rumours of left withdrawing support and P.M resigning news was too bad for the market and this will have a deep impact on the market if government falls.Coming days will witness lots of poltical activities and moreover expiry is nearing and lots of volatility also can be witnessed in the market.

Stock watch for the day:

Cairns: This was given a short call with stop loss 286 for target 276 and the stock crashed to 263

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 4445 with stop 4425 and it made 4468 and told to cover te position

Buy Tisco at 809 with stop 800 and it made just 817 and then came down crashing to hit the stop loss

Buy Cairns around 275 with stop 272.8 and it made 278 and then hit the stop loss

Short Bombay Dyeing around 696 with stop 701 for target 684 and it made 693 and hit the small stop loss

Buy HDIL around 538 with stop 534 and it made 544 and told to cover position

Market Outlook 20/06/08

Market struggling to find the trend ....

Market is at the edge of the support and still there maynot be much downside today also.Crude oil futures fell $4.75 to settle at $131.93 per barrel on the New York Mercantile Exchange after China disclosed plans to raise prices for gasoline and diesel fuel by 16 percent and 18 percent, respectively.While this is some positive news for the market, left has come openly saying that they will withdraw support to the central government after government decided to go ahead with nuclear deal with U.S and this news is negative for the market.Hence market is struggling to find the trend with positives and negatives.Today, even if market takes support around 4480-4490 and moves up, upper level will exert pressure again.Nifty will face first strong resistance around 4540 and above that 4585 will be very tough resistance for today.Below 4480, nifty may fall directly to 4440 support area.Banking stocks will be in the limelight today also.Inflation figures are expected today and there are chances of market trading flat after initial moves till the inflation figures come.
Prime Minister has commented today that he will resign if nuclear deal fails and this seems to be getting hotter day by day now and if left withdraws its support and government falls, there might be a huge crack in the market....watch out...government should stay for market recovery....

Stock watch for the day:

Cairns (284): If cairns remain below 286, short it for target 276 and if moves above 286 it is not a short.

Intraday call performance 19/06/08

Market in negative range..!

It was selling at opening bell for nifty today and as the time passed on, it even tested its strong support for the day at 4490, but could not break it convincigly and closed around 4500 in negative range.Europian markets also started trading weak today and along with this left front threat of withdrawing from the United Progressive Alliance on ongoing nuclear deal program also effected market sentiments today.Tomorrow if market breaks 4490, nifty will fall directly to 4440 suport area which again holds an important area now.Today also banking sectors like S.B.I, ICICI , HDFC, AXIS were pulling down the market to large extent.

Stock watch for the day:

IFCI: This was given a sell call with stop loss 57 for target 53 and the high was 56 and low recorded was 53.65

Following calls were given in yahoo messenger for clients:

Clients enjoyed very good profit day today also

Buy Nifty Futures around 4500 with stop 4480 and when it made 4522, told to cover position

Short IFCI around 55.5 with stop 56.2 and the stock slided to 54.2

Short Sasken Communications around 164 with stop loss 165.5 and it made 153 as target was given at 152.5

Short ITC around 204 with stop 205 and it hit the small stop loss

Short Axis Bank around 727 with stop 732 and it made 712