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INTRADAY CALLS – 18/08/08

DOW  JONES MANAGED TO CLOSE POSITIVELY ON THURSDAY AND FRIDAY AND FINISHED THE WEEK AT 11660, 0.6% LOWER FOR THE WEEK.  MIXED SIGNALS FROM ECONOMY AND BETTER THAN EXPECTED RESULTS FROM RETAILERS  DOW JONES MANAGED TO CLOSE  44 POINTS HIGHER ON FRIDAY. JULY CONSUMER PRICE INDEX AT 5.6% HIGHER THAN EXPECTATION,  JOBLESS CLAIMS STEADY AT 450,000 AND INDUSTRIAL PRODUCTION AT 0.2%,WHICH WAS BETTER THAN EXPECTATION KEPT THE MARKETS RANGEBOUND. SENTIMENTS IMPROVED WITH THE DOLLAR GAINING STRENGTH, NOT ON ITS OWN, BUT BECAUSE OF SLOWER GROWTH IN OTHER ECONOMIES OF THE WORLD. COMMODITIES FELL ON GREEN BACK`S STRENGTH AND CRUDE FELL TO 111 DOLLARS ON FRIDAY.

BANK OF JAPAN IS EXPECTED TO KEEP RATES AT 0.5%, BUT THE MARKET IS WATCHING STATEMENTS ON THE STATE OF ITS ECONOMY. NIKKEI IS TRADING HIGHER BY OVER 220 POINTS NOW.

NIFTY FUTURE OPENED LOWER ON THURSDAY AT 4511, BREIFLY TOUCHED 4524 ONLY TO FALL TO THE DAY`A LOW OF 4425 AND CLOSED AT 4435.

NIFTY FUTURE SUPP LEVELS 4408, 4360 RESIST 4511,4585.  NIFTY MAY HAVE RESISTENCE AROUND 4510 LEVELS AND ONLY A CLOSE ABOVE CAN TAKE NIFTY TO HIGHER LEVELS. HIGHER INFLATION AFTER MARKET HOURS ON THURSDAY AND CRUDE STEADY AT OVER $114 ON OPEC`S THREAT TO CUT OUTPUT MAY KEEP THE MARKETS RANGE BOUND WITH DOWNWARD BIAS. AVOID SHORT ABOVE 4515.

GMRINFRA SUPP 98,93 RESIST 107,112 SELL AT HIGH LEVEL

BPCL SUPP 312,306 RESIST 323,328 BUY AT LOWER LEVEL

BHARTIARTL BUY 811 SL 808 TGT 829

DLF BELOW 487 MAY TOUCH 473

SCI BUY 230 SL 228 TGT 238

ZEEL SUPP 206,201 RESIST 216 BUY AT LOWER LEVEL

IDFC SUPP 96,92 RESIST 104,109 SELL

CAIRN SUPP 242,237 RESIST 248,252 BUY

WIPRO SUPP 428,421 RESIST 441,446 SELL

HINDALCO BUY 134 SL 132 TGT 141

SATYAMCOMP SUPP 406,399 RESIST 416,422 BUY AT LOWER LEVEL