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INTRADAY CALLS – 30/7/08

AS WRITTEN BY US IN THIS COLOUMN YESTERDAY RBI  SURPRISED THE MARKETS WITH A RAISE OF 50 BASIS POINTS IN REPO RATE TO 9%, CRR HIKE BY 25 BASIS POINTS TO 9%, A RATE NOT SEEN SINCE 2000.  IF RATE HIKES ALONE CAN TAME INFLATION MANY COUNTRIES WOULD HAVE SOLVED THE PROBLEM SO EASILY. LOT OF OTHER THINGS HAVE TO BE IN PLACE FOR INFLATION TO COOL DOWN.

NIFTY FUTURE YESTERDAY  OPENED LOWER AS EXPECTED AT 4289  CRASHED BY MORE THAN 3% TO THE DAYS LOW OF 4162 (OUR SUPPORT LEVEL 4172) AND CLOSED AT 4187. BANKEX AND REALTY  INDEX FELL BY 8.31 AND 5.54 PERCENT RESPECTIVELY. WITH MORE PRESSURES ON MARGINS ANOTHER RATE HIKES BY THE BANKS IN THE NEAR TERM IS ALMOST CERTAIN, WHICH MAY HAVE A NEGATIVE IMPACT ON REALTY SECTOR.  MARKETS MAY BE VOLATILE AHEAD OF THE SETTLEMENT AND MAY OPEN HIGHER ON A SMART RECOVERY IN THE U. S MARKETS LAST NIGHT. WE ADVISE CAUTION AT HIGHER LEVELS .

NIFTY FUTURE SUPP LEVELS 4166,4082 RESIST 4260,4386. AVOID LONG BELOW 4160 AND AVOID SHORT FOR THE DAY ABOVE 4265. IF NIFTY FAILS TO CROSS OUR FIRST RESISTANCE IT MAY FALL TO LOWER LEVEL.

STOCK FUTURES

GMRINFRA SUPP 82, 78 RESIST 90,94

BPCL BUY 307 SL 304 TGT 316, 328

DLF SUPP  468, 445 RESIST 483,504 SELL AT HIGHER LEVEL

ZEEL SUPP 210 RESIST 225,232 BUY

IDFC SUPP 88,83 RESIST 95,100 SELL

CAIRN SUPP 225,221 RESIST 235,241 SELL

RPL BUY 158 SL 154 TGT 165

HINDALCO SUPP 138,134 RESIST 145,152 SELL

SATYAMCOMP SUPP 364 RESIST 375,380

ALL TRADES SHOULD BE DONE WITH STRICT STOP LOSS.
NEVER CARRY A POSITION WITHOUT HEDGING HAVE A GOOD DAY. Replies At This ColoumN OR AT vijay.calls@yahoo.co.in