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INTRADAY CALLS – 25/08/08

GLOBAL INDEXES GAIN – WILL WE FOLLOW?

 

DOW JONES  ON FRIDAY NEVER LOOKED BACK FROM THE OPENING AND RALLIED TO THE DAY`S HIGH OF  11632, AND CLOSED AT 11628 GAINING 198 POINTS IN THE DAY, LIMITING THE WEEKLY LOSS TO AROUND .3%.  THE GAIN WAS ON THE BACK OF LEHMAN BROS FINDING SOME TAKERS IN KOREA DEVELOPMENT BANK, CRUDE SHEDDING $5 AND FED CHARIMAN BERNAKE`S SPPECH ON INFLATION. HOWEVER BRIGHT THINGS END THERE. FRIDAY`S GAIN WAS ON RELATIVELY LOWER VOLUMES IS A WORRY. UN ENDING ECONOMIC NEWS(WOES) SCHEDULED FOR THE NEXT WEEK LIKE  HOME  PRICES INDEX, NEW HOME SALES, DURABLE GOODS ORDERS,  REVISED ESTIMATE OF SECOND QUARTER GROWTH ETC. THE INEVITABLE DECISION OF U.S. TREASURY BAILING OUT FANNIE AND FREDDIE MAY NOT AUGUR WELL FOR THE MARKETS. ASIAN MARKETS OPENED HIGHER ON THE BACK OF U.S. GAINS.

NIFTY FUTURE ON FRIDAY OPENED AT 4265 AND TOOK SUPPORT FROM 4252 (THE SUPPORT MENTIONED IN THIS COLOUMN) RECOVERED TO THE DAY`S HIGH OF 4338 AND CLOSED AT 4329.

NIFTY FUTURE SUPP LEVELS 4252, 4174 RESIST 4378, 4409, 4462. NIFTY MAY OPEN HIGHER ON GLOBAL CUES. HOWEVER WE ARE NOT POSITIVE ABOUT THE STRENGTH OF NIFTY AT HIGHER LEVEL. BOOK PROFITS IF NIFTY OPENS SHARPLY HIGHER ON SHORT COVERING. THIS TYPE OF VOLATILITY ON DAILY BASIS MAY INFLICT  HEAVY LOSSES ON UN HEDGED POSITIONS. AVOID SHORTS IF NIFTY STAYS ABOVE 4470.

GMRINFRA SUPP 98,93 RESIST 104, 107 SELL AT HIGHER LEVELS

BPCL SUPP 286,279 RESIST 297, 309

BHARTIARTL SUPP 790 RESIST 817,829

ZEEL SUPP 205,201 RESIST 212,217 SELL AT HIGHER LEVEL

IDFC SUPP 88,83 RESIST 99, 103 SELL

INDIACEM BUY 137 SL 135 TGT 145,148

CAIRN SUPP 243,237 RESIST 252 SELL WITH SL 254

INDIANB BUY 113 SL 110 TGT 118,125

WIPRO SUPP 413,408 RESIST 424,432 SELL AT HIGHER LEVEL

HINDALCO SUPP 127, 123 RESIST 135,141 SELL

INFOSYSTCH SUPP 1671,1660 RESIST 1711,1725

SATYAMCOMP SUPP 380,374 RESIST  398,408 SELL

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