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INTRADAY CALLS – 29/08/08

UPWARD REVISION IN THE SECOND QUARTER GDP GROWTH TO 3.3% FROM THE PREVIOUSLY REPORTED 1.9% , JOBLESS CLAIMS FALLING IN THE PREVIOUS WEEK BY 10000 TO 425000, CRUDE  EASING BELOW $116 FROM $ 120 AND OFCOURSE LOW VOLUMES, TOOK DOW  JONES TO THE DAY`S GAIN OF 212 POINTS AT 11715. WITH NOT MUCH OPTIMISM ATTACHED TO THE GROWTH IN SUBSEQUENT QUARTERS, RIDE THE RALLY TILL  IT LASTS. ASIAN MARKETS OPENED HIGHER AS EXPECTED AND NIKKEI IS +250 AT THIS TIME.

BACK HOME NOT MUCH OF CHEER YESTERDAY , THE CLOSING DAY OF AUG SETTLEMENT. NIFTY FUTURE OPENED AT 4292, FELL TO 4208 FROM THE HIGH OF 4302 AND CLOSED NEAR LOW AT 4218 LOSING AROUND 72 POINTS DURING THE DAY AND LSOING 114 POINTS FROM THE PREVIUS SETTLEMENT. ONLY SILVER LINING WAS AN IMPROVEMENT IN THE ROLL OVER POSITION ON THE LAST DAY.

NIFTY FUTURE SUPP LEVELS 4219,4174 RESIST 4300, 4360. NIFTY FUTURE IS EXPECTED TO OPEN HIGHER ON GLOBAL GAINS AND ON LOWER THAN EXPECTED INFLATION. INFLATION IS STILL THE BIGGEST WORRY AND MAY NOT COOL DOWN  IN THE NEAR FUTURE.  WE DO NOT EXPECT RUN AWAY RISE IN NIFTY AND WE EXPECT IT TO BE RANGE BOUND BETWEEN 4650 AND 3800 DURING THIS SETTLEMENT. AVOID LONG BELOW 4160. DO NOT JUMP TO BUY IF MARKET OPENS STEEPLY HIGHER.

GMRINFRA BUY 99 SL 97 TGT 104,107

BPCL BUY 278 SL 275 TGT 294

BHARTIARTL SUPP 806,793 RESIST 829,838 SELL

ZEEL SUPP 210,207 RESIST 218,223 BUY

IDFC SUPP 88 RESIST 96,99

INDIACEM SUPP  130,125 RESIST 145 SELL

CAIRN SUPP 247,242 RESIST 256,262 SELL AT HIGHER LEVEL

INDIANB BUY 119 SL 117 TGT 126

RPL  SUPP 154,150 RESIST 160,164 BUY AT LOWER LEVEL

WIPRO SUPP 406,392 RESIST 425 SELL AT HIGHER LEVEL

HINDUNILVR SUPP 239,235 RESIST 248

ICICIBANK SUPP 634,626 RESIST 652,667 SELL AT HIGHER LEVEL

RELIANCE SUPP 2042 RESIST 2150,2196 SELL AT HIGHER LEVEL

SATYAMCOMP SUPP 403,398 RESIST 417, 427 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