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INTRADAY CALLS – 22/08/08

WITH COMMODITIES PULLING BACK FROM RECENT LOWS, CRUDE GAINING $5 TO  $121 LEVELS ON ESCALATING TENSION BETWEEN U.S. AND RUSSIA, LEADING ECONOMICS INDIACATORS FAILING TO IMPRESS AND INITIAL JOBLESS CLAIMS  AT 432,000 JUST BELOW EXPECTATIONS DOW JONES DID WELL TO END THE DAY  POSITIVELY BY 12 POINT AT 11430 AFTER POSTING INITIAL THREE DIGIT LOSS TO THE DAY`S LOW OF 11315. FOLLOWING THE TREND NIKKEI  IS DOWN FOR THE FOURTH DAY IN THE MORNING SESSION. 

YESTERDAY WAS  A REAL TRAP FOR THE BULLS WHO CARRIIED THEIR POSITIONS OVER THE PREVIOUS DAY.  LAST THING THAT SHOULD HAVE HAPPENED WAS A LOWER OPENING AND WHEN IT HAPPENED  IT WAS A CLEAR `SELL` AT OPEN ITSELF. AFTER OPENING LOWER BY 40 POINTS NIFTY FUTURE NEVER LOOKED UP AND CONTINUED TO FALL FROM THE DAY`S HIGH OF 4409 TO THE DAY`S LOW OF 4284, A LOSS OF NEARLY 153 POINTS AND CLOSED AT 4287.

NIFTY SUPP LEVELS 4252, 4174 RESIST 4378, 4409,4462.  NIFTY FUTURE SURRENDERED ALMOST ALL ITS PAST 10 DAYS GAIN AND WILL FIND STRONG RESISTANCE ON ITS WAY UP. GAINING CRUDE PRICE, SOARING INFLATION , NEGATIVE CUES FROM GLOBAL MARKETS AND , SELLING BY FII`S  MAKE THINGS WORSE. AVOID SHORT ABOVE 4380 FOR THE DAY. WHILE DAY TRADING IS DIFFICULT IN THIS MARKET , CARRY OVER POSITIONS POSTS BIGGER RISK. WE ALWAYS ADVISE HEDGED POSITIONS FOR CARRY OVERS. WAIT FOR THE MARKET TO SETTLE DOWN TO INITIATE TRADES.

GMRINFRA SUPP LEVELS 98,93 RESIST 104,107

BPCL BELOW 297 TGT 280

BHARTIARTL SUPP 790, 782 RESIST 816 BUY AT LOWER LEVEL

ZEEL SUPP5,205,201 RESIST 212,217 SELL

IDFC SUPP 88, 83 RESIST 99,103 BUY AT LOWER LEVEL

CAIRN SUPP 237,232 RESIST 245,250  SELL AT HIGHER LEVEL

INDIANB SUPP 110,106 RESIST 118 BUY AT LOWER LEVEL

WIPRO SUPP 414,408 RESIST 432,440 BUY

SATYAMCOMP SUPP  398,392 RESIST 410, 416 BUY WITH SL 389

DO NOT AVOID SL AND HEDGING IS THE ONLY WAY TO SUSTAIN THE VOLATILE MARKET.HAVE A GOOD DAY. Replies At This ColoumN OR AT vijay.calls@yahoo.co.in