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INTRADAY CALLS – 11/09/08

DOW JONES OPENED POSITIVELY AND PLUNGED BRIEFLY IN TO THE NEGATIVE ZONE TO 11215, BUT RECOVERED AND  GAINED 165 POINTS TO THE DAY`S HIGH OF 11380.  IT COULD NOT HOLD ON TO THAT LEVEL FOR LONG AND FELL SHARPLY IN THE LAST HOUR TO CLOSE AT 11268, NETTING  A GAIN OF 38 POINTSFOR THE DAY. LEHMAN STARTED ANNOUNCED A LOSS OF $5.92 PER SHARE WAY ABOVE EXPECTATIONS AND PLANS TO SELL MORE THAN HALF OF ITS ASSET MANAGEMENT BUSINESS AND $4 BILLION OF U.K. RESIDENTIAL MORGAGE PORTFOLIO. IT ALSO PLANS TO SPIN OFF ITS COMMERCIAL REAL ESTATE ASSETS AND IT REMAINS TO BE SEEN WHAT IT WILL BE LEFT OVER. AFTER GAINING INITIALLY THE STOCK LOST 7 PERCENT DURING THE DAY.

IN OUR COLOUMN ON 12/08/08 WE HAD SAID GOLD WILL  TOUCH $750 ,ONCE IT IS BELOW $800 AND GOLD TOUCHED A LOW $748 IS NOW TRADING AROUND $757. CRUDE IS STEADY AROUND $103 AND ASIAN MARKETS HAVE OPENED LOWER AND NOW NIKKEI IS TRADING DOWN BY 149 POINTS.

NIFTY FUTURES YESTERDAY OPENED LOWER AT 4445, CLIMBED TO THE HIGH OF 4493 AT NOON AND FELL TO THE DAY`S LOW OF 4397 IN THE LAST HOUR AND CLOSED AT 4418, LOSING 64 POINTS.

NIFTY FUTURE SUPP LEVELS 4400,4368,4322 RESIST 4496, 4525,4584. NIFTY MAY FIND IT DIFFICULT TO MOVE PAST 4500 DURING THE DAY AND AVOID SHORTS IF IT CLOSES ABOVE 4500. BREAK BELOW 4400 MAY TAKE NIFTY TO LOWER SUPPORT LEVELS.

WIPRO SUPP 431,426 RESIT 444,448 SELL AT HIGHER LEVEL

BANKBARODA SUPP 302,292 RESIST 313,326 BUY AT LOWER LEVEL

HINDUNILVR SUPP 248,239 RESIST 256,262 SL 246 FOR THE DAY

HINDPETRO SUPP240,236 RESIST 248,256 SL 234

ICICIBANK BELOW 682 TGT 657

ORIENTBANK SUPP 179,174 RESIST 189,194 BUY AT LOWER LEVEL

RELIANCE SUPP 2075,2040 RESIST 2139,2159 SELL

SATYAMCOMP SUPP 423,415 RESIST 435,442 SELL AT HIGHER LEVEL

GMRINFRA SUPP 98,93 RESIST 105,109 SELL

CAIRN SUPP 222, 216 RESIST 230,235 SELL AT HGHER LEVEL

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