intraday call performance 11/08/08

Market closing the day very strong

As expected, market opened very strong above 4600 and was struggling to cross the first resistance at 4640 and was trading range bound till afternoon first session and then buying came in and market closed very strong at 4620, up 90 points from the previous close.The cracking of crude oil price and positive European cues also helped markets to remain strong.IIP numbers are expected to be around 5.6% (which will be announced on Tuesday) as against 3.8%, as per CNBC-TV18 poll. This was also supporting markets a bit.The market breadth was positive with advances at 879 against declines of 382 on the NSE. Top Nifty gainers included Unitech, Maruti and ICICI Bank while losers included Sterlite, TCS and Tata Steel.

Stock watch for the day:

Adlabs :This was given a buy call with stop loss 550 for target 575-580 and it made 576

Following calls were given in yahoo messenger for clients:

It was a very good day of decent profits for clients

Short Nifty Futures around 4614 with stop loss 4619 and it made 4591....Good Profit

Short TCS around 850 with stop loss 856 for target 832 and it made 824....Very Good Profit

Short Wipro around 443 with stop loss 446.5 for target 430 and it made 431....Very Good Profit

Short Tisco around 663 with stop loss 666 for target 650 and it made 642....Very Good Profit

Short Reliance Industries around 2325with stop loss 2340 for target 2280 and it made just 2308 and gave cover order around this rate