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INTRADAY CALLS – 15/09/08

U.S.  FINANCIAL CRISIS TO BRING DOWN GLOBAL MARKETS

 

DOWJONES ON FRIDAY FELL TO THE DAY` LOW LEVEL OF 11282 IN THE OPENING HOURS  ON DECREAING AUGUST RETAIL SALES AND LATER RECOVERED  MOST OF THE LOSSES TO MOVE TO THE POSITIVE TERRITORY ON THE STRENGTH OF MATERIAL AND ENERGY SECTOR AND CLOSED WITH A  MINOR LOSS OF 11 POINTS AT 11421.

THINGS ARE NOT ROSY ON MONDAY FOR DOW JONES  WITH HURRICANE IKE  SLAMS TEXAS AND THE IMPACT LOOKS MINISCULE WHEN  COMPARED TO THE STORM IN THE FINANCIAL MARKETS. THE 150  YEAR OLD LEHMAN BROTHERS FINDS NO TAKERS AND THE FEDREAL OFFICIALS ARE NOT WILLING TO COMMIT TAX PAYERS MONEY TO BAIL OUT THE COMPANY, LEAVING THE COMPANY ON THE EDGE OF INSOLVENCY.  EXPECTING THE NEGATIVE IMPACTS OF THIS ON OTHER INVESTMENT BANKS MERILL LYNCH SOLD ITSELF TO BANK OF AMERICA IN A HURRIEDLY CONCLUDED $44 BILLION DEAL.  WITH WASHINGTON MUTUAL NEXT IN THE LIST AND AIG STRUGGLING TO REORGANISE IT DOES NOT SEEM TO END. MOST OF THE ASIAN MARKETS ARE ON HOLIDAY TO DAY AND THE OUTCOME OF LEHMAN WILL IMPACT THEM TOMORROW.

WHILE MANY PREDICTED A SHARP RISE ON FRIDAY ON THE BACK OF IIP GROWTH AND  LOWER INFLATION WE HAD CLEARLY STATED ON FRIDAY THAT MARKETS ARE BOUND TO FALL EVEN IF IT OPENS HIGHER.  NIFTY FUTURE  OPENED HIGHER AT 4345, INCIDENTALLY THE DAY` HIGH AND FELL TO THE LOW OF 4216 AND CLOSED AT THE BOTTOM.

NIFTY SUPP LEVELS  4157, 4062 RESIST 4318, 4372. WE EXPECT THE ALREADY WEAK NIFTY  TO OPEN LOWER ON GLOBAL CRISIS AND  MAY GO DOWN FURTHER TO BELOW 4000 LEVELS IN THE SHORT TERM. AVOID SHORT FOR THE DAY ABOVE 4320. WE SHALL ADVISE AS AND WHENT THE NIFTY BOTTOMS OUT. DUE TO PAUCITY OF TIME TRADING  CALLS ARE NOT GIVEN TO DAY AND WILL BE GIVEN FROM TOMORROW.