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INTRADAY CALLS – 02/09/08

NIFTY – CAUTIOUS OPTIMISM

WITH U.S. MARKET CLOSED FOR LABOR DAY ON MONDAY AND GUSTAV WEAKENING CRUDE PRICES, ASIAN MARKETS OPENED HIGHER. JAPAN`S NIKKEI IS  SUBDUED, AFTER THE PRIME MINISTER`S RESIGNATION, BUT TRADING HIGHER BY 65 POINTS AT THIS TIME.

NIFTY FUTURE OPENED LOWER ON MONDAY AT 4311 AND MOVED DOWN FURTHER TO THE DAY`S LOW OF 4275, BELOW OUR SUPPORT LEVEL.  NIFTY FUTURE RECOVERED SHARPLY IN THE LATER HALF OF THE DAY TO 4363 AND CLOSED ALMOST NEAR AT 4361.

NIFTY FUTURE SUPP LEVELS4280,4219 RESIST 4380,4409,4462. CRUDE PRICES PLUNGING BY OVER $4 TO AROUND $111, MAY BRING SOME CHEER TO THE MARKETS, BUT APPRECIATING DOLLAR IS A WORRY FOR OIL MARKETING COMPANIES. TECH STOCKS REVIVED DURING THE DAY ON FALLING RUPEE.  NEW GOVERNOR FOR RBI, UNCERTAINITY ON THE OUTCOME OF NSG MEETING, FALLING METAL PRICES, PROPOSAL TO HIKE EXPORT DUTY ON IRON ORE ARE SOME NEWS WHICH MAY INFLUENCE THE MOVEMENT OF SELECTIVE STOCKS. AVOID  LONGS IF NIFTY FUTURE CLOSES BELOW 4270.

GMRINFRA BUY 100 SL 98 TGT 107

BPCL SUPP 292 RESIST 305,310,318 BUY

BHARTIARTL SUPP 809,802 RESIST 827 BUY

ZEEL SUPP 214,211 RESIST 225 SELL  SL 227

IDFC SUPP 88 RESIST 94,96 BUY

INDIACEM SUPP 136,130 RESIST 145 SELL

CAIRN SUPP 246,242 RESIST 255 SELL

INDIANB BUY 124 SL 122 TGT 130

RPL SUPP 155 RESIST 165

RECLTD BUY 84 SL 82 TGT 93

WIPRO SUPP 426,422 RESIST 441,446

HINDUNILVR BUY 239 SL 236 TGT 249

HINDPETRO SUPP 196 RESIST 206,210 BUY

INFOSYSTCH SUPP 1721,1692 RESIST 1774, 1828 BUY AT LOW LEVEL

MARUTI SUPP 622, 618 RESIST 636,655 BUY

SATYAMCOMP SUPP 418,414 RESIST 431 ABOVE 434 TGT 460

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