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INTRADAY CALLS – 8/09/08

DOW JONES OPENED LOWER ON FRIDAY AND WENT DOWN FURTHER TO THE DAY`S LOW OF  11037 LOSING OVER 150 POINTS FROM THE PREVIOUS DAY, ON GOVERNMENT`S DATA ON NON FARM PAY ROLLS WHICH FELL BY 84000, BRINGING UNEMPLOYMENT RATE TO 6.1%, WHICH WAS ABOVE EXPECTATIONS. FINANCIALS SAVED THE DAY FOR THE MARKETS WITH MORE SUITORS FOR LEHMAN AND THE EXPECTATION OF FANNIE AND FREDDIE BEING TAKEN OVER BY THE TREASURYAND THE INDEX RECOVERD TO THE HIGH OF 11245 AND CLOSED AT 11220, NETTING A GAIN OF 32 POINTS.AS EXPECTED BY THE MARKET, TREASURY ANNOUNED TAKING OVER OF FANNIE AND FREDDIE BY FEDERAL HOUSING FINANCE AGENCY, IN ONE OF THE BIGGEST RESCUES BY THE GOVERNMENT, INVESTING $100 BILLION EACH TO KEEP THEM FLOATING.  EUROPEAN FUTURES AND ASIAN MARKETS ARE TRADING MUCH HIGHER FOLLOWING THE BAILOUT OF THE MORTGAGE GIANTS BY THE U.S. NIKKEI IS TRADING BY OVER 400 POINTS WITH FINANCIALS GAINING. CAN A TAKE OVER OF A DYING COMPANY IS SUCH A BIG POSITIVE ? MAY BE THE ASIAN COMPANIES WHO  INVESTED  BIG IN THE MORTGAGE SECURITIES OF FANNIE AND FREDDIE RALLY. HOW LONG THIS CAN SUSTAIN.LET US WAIT AND SEE.

NIFTY FUTURES ON FRIDAY OPENED LOWER AT 4360 AND WAS BETWEEN 4326 AND 4397 TO CLOSE AT 4368.

NIFTY FUTURE SUPP  4322,4280 RESIST 4500,4584. NIFTY IS EXPECTED TO OPEN HIGHER ON THE BACK OF GLOBAL CUES AND THE NSG CLEARANCE OF N-DEAL. A CLOSE ABOVE 4500 MAY TAKE NIFTY TO FURTHER HIGHS IN THE SHORT TERM. STOCKS AFFECTED BY N-DEAL SENTMENTS MAY OPEN WITH BIG GAP. DONT RUSH TO BUY AT VERY HIGH LEVELS. WAIT FOR THE MARKET TO SETTLE DOWN BEFORE TAKING INTRDA DAY TRADES.

GMRINFRA SUPP 100,98 RESIST 107,111, 116 SELL AT HIGHER LEVELS

BPCL  SUPP 338 RESIST 358,366 SELL AT HIGHER LEVEL

BHARTIARTL SUPP 800,792 RESIST 822,844 SELL AT HIGHER LEVEL

ZEEL SUPP 218,213 RESIST 231 BUY

IDFC SUPP 88,84 RESIST 96,101 SELL AT HIGHER LEVEL

INDIACEM SUPP 141 RESIST 148,152,156 SELL AT HIGHER LEVEL

HCC SUPP 96 RESIST 105,111 BUY

CAIRN SUPP 227,222 RESIST 235,242 BUY

INDIANB SUPP 131 RESIST 144 BUY

WIPRO SUPP  426,421 RESIST 438,454 BUY

SATYAMCOMP SUPP 414 RESIST 428,442 BUY

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