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INTRADAY CALLS – 05/09/08

DOW JONES HAD ONE OF THE WORST FALLS IN THE LAST THREE MONTHS,  FALLING FROM THE OPENING BELL, TO THE DAY`S LOW OF 11176 , SHEDDING 356 POINTS AND CLOSED ALMOST NEAR AT 11188 WITH A NET LOSS OF 344 POINTS. AS WE HAD SAID DOW HAS RETREATED FROM AROUND 11900 LEVELS AT LEAST THREE TIMES IN THE LAST THREE MONTHS AND A BREAK BELOW 11100 MAY TAKE IT TO NEW LOWS. EVEN AS ISM SERVICE INDEX  CAME IN ABOVE 50 AT 50.6,  JOBLESS CLAIMS ROSE  BY 15000 TO 444000, AGAINST WEAKENING EXPECTATIONS PULLED DOWN THE INDEX.  AUGUST EMPLOYMENT REPORT TO BE ANNOUNCED ON FRIDAY IS EAGERLY WATCHED WITH PESSIMISM AS ANY SHARP JOB LOSSES MAY FINALLY CONFIRM RECESSION, WHCIH HAS STILL NOT BEEN ACCEPTED BY MANY. MIXED RETAIL SALES, FALLING COMMODITY AND METAL  PRICES INDICATE A GLOBAL WEAKNESS AND ASIAN MARKETS FOLLOW U.S. MARKETS WITH JAPAN`S NIKKEI DOWN BY OVER 300 POINTS AT THIS TIME.

NIFTY FUTURE OPENED LOWER AS EXPECTED  AT 4462 AND WAS BETWEEN 4420 AND 4494 AND FINALLY CLOSED AT 4461 STILL LOSING 56 POINTS AT THE END OF THE DAY.

NIFTY FUTURE SUPP LEVELS 4400,4280 RESIST 4500, 4584. FOLLOWING GLOBAL MARKETS WE EXPECT NIFTY TO OPEN LOWER . AVOID LONG BELOW 4390 FOR THE DAY. NIFTY FUTURE WILL SEE SHORT TERM STRENGTH ONLY ON A CLOSE ABOVE 4500. ANY NEGATIVE DEVELOPEMNT IN THE N-DEAL MAY FURTHER AFFECT SENTIMENT.

GMRINFRA SUPP 100,98 RESIST 107,111 BUY WITH SL 97

BPCL SUPP 313, 308 RESIST 329 BUY AT LOWER LEVEL SL 304

GESHIP SUPP 365,350 RESIST 375 SELL

ZEEL SUPP  218,213 RESIST 231 BUY AT LOWER LEVEL

IDFC SUPP 88,84 RESIST 96,99 SELL

INDIACEM SUPP 141, 136 RESIST 148, 152 SELL

CAIRN SUPP 232,228 RESIST 242 BUY AT LOWER LEVEL

INDIANB SUPP 134,131 RESIST 143

WIPRO SUPP 442,427 RESIST 454,462 BUY AT LOWER LEVEL

HINDPETRO SUPP 220,214 RESIST 232 BUY AT LWOER LEVEL

SATYAMCOMP SUPP 424,418 RESIST 442,462 BUY AT LOWER LEVEL

WE HAVE GIVEN MANY BUY CALLS  ONLY FOR DAY TRADING AS WE EXPECT THE MARKET TO OPEN MUCH LOWER. TRADE WHEN THE MARKET SETTLE AT LOWER LEVELS WITH ST SL. AVOID TRADING WHEN NOT COMFORTABLE.

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