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INTRADAY CALLS – 17/09/08

MARKETS RECOVER ON AIG`S SURVIVAL

DOW JONES WAS ON ROLLER COASTER RIDE , FREQUENTING BETWEEN HIGHS AND LOWS.  AFTER PLUNGING 175 POINTS INITIALLY TO THE LOW OF 11747, DOW MOVED TO THE POSITIVE TERRRITORY ONLY TO FALL AGAIN  ON RATE CUT ANNOUNCEMENT AND RECOVERED LATER IN THE DAY TO THE DAY`S HIGH OF 11093 ON THE HOPE OF AIG`S REVIVAL THROUGH FED FUNDING AND CLOSED AT 11059 GAINING 141 POINTS.  WHILE FED STOOD ITS GROUND ON LEHMAN, THE SYSTEMIC RISK IN  AIG`S FALL WAS TOO SCARY TO BE LEFT ALONE AND THE FED PROVIDED AN EMERGENCY LOAN OF $85 BILLION TO THE AMERICAN INTERNATIONAL GROUP INC WHICH INCLUDES 79.9% STAKE IN THE INSURANCE GIANT.  IN THE OTHER NEWS FOMC DECIDED TO KEEP INTEREST TATES STEADY AT 2.00%. ASIN MARKETS CELEBRATE THE SURVIVAL OF AIG BY GAINING IN THE OPENING HOURS AND NIKKEI IS TRADING ABOVE 240 POINTS FROM PREVIOUS CLOSE AT THIS TIME.

NIFTY FUTURE ON TUESDAY OPENED LOWER AT 3945 RECOVERED ALL ITS LOSSES AND CLOSED AT 4093, NEAR THE DAY`S HIGH OF 4099 GAINING 49 POINTS FROM YESTERDAY`S CLOSE.

NIFTY FUTURE SUPP LEVELS 3980,3959 RESIST 4100, 4217,4318.  NIFTY MAY OPEN POSITIVELY. AVOID SHORT ABOVE 4100 AND THIS RECOVERY WILL BE A PULL BACK AFTER FIVE DAYS OF LOSSES AND MAY RUN UP TO 4370 LEVELS. WE ADVISE BOOKING PROFITS AT HIGHER LEVELS. AVOID ALL LONGS BELOW 3950.

WIPRO SUPP 382,365 RESIST 402,415,428 SELL AT HIGHER LEVELS

HINDALCO SUPP 111 RESIST 119,125 BUY SL 109

ARVIND BUY 27 SL 26 TGT 30

BANKBARODA SUPP 306 RESIST 323,331 BUY

HINDUNILVR ABOVE 245 TGT 251

HINDPETRO SUPP 245 RESIST 254,260 SELL AT HIGHER LEVEL

MTNL SUPP 87 RESIST 95 BUY

ONGC BUY ABOVE 975 TGT 1003

RELIANCE SUPP 1878 RESIST 2002

SATYAMCOMP SUPP  345,340 RESIST 378,396 SELL

GMRINFRA SUPP 85 RESIT 94,100,104 SELL AT HIGHER LEVEL

INDIANB SUPP  119,112 RESIST 128,135

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