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INTRADAY CALLS – 18/09/08

WHERE IS NIFTY HEADED

NIFTY FUTURE SUPP LEVELS 3980,3959,38556,3760 RESIST 4065,4100, 4217. NIFTY MAY FIND SOME STRENGTH ONLY ON A CLOSE ABOVE 4100. AVOID SHORT ABOVE 4100.  OUT LOOK FOR NIFTY IS QUITE WEAK AND IT MAY SEEK LOWER LEVELS OF 3750 OR EVEN 3500. IN THE MEDIUM TERM NIFTY FALLING TO 3200 LEVELS ARE NOT RULED OUT. ONLY A CLOSE ABOVE 4650 WILL NEGATE SUCH A POSSIBILITY. HOWEVER DISCIPLINED TRADERS WILL HAVE ENOUGH OF OPPORTUNITY IN THE MARKETS. SELECTIVE INVESTMENT BUYING AT LOWER LEVELS AND CONSTANT BOOKING OF PROFITS AT RESISTANCES SUGGESTED.

INTRADAY CALLS – 18/09/08

NIFTY POISED FOR LOWER LEVELS

BAILING OUT OF AIG , CREATED A CRISIS OF CONFIDENCE  IN THE FINANCIAL MARKETS  AND  DOW JONES WAS ON A ONE WAY STREET RIGHT FROM THE OPENING BELL  AND HAS LOST NEARLY 5% TO END THE DAY AT A NEW YEARLY LOW OF 11609, WITH THE DAY`S LOW AT  10597 AND IN THE PROCESS LOST AROUND 449 POINTS AT THE END OF THE DAY. INCREASED FEARS OF CREDIT RISK RESULTED IN HIGHER SPREAD IN TED. SEVERE RESTRICTIONS ON SHORT SELLING, TREASURY SETTING UP A FINANCING PROGRAM FOR FED AND MORGAN STANLEY`S BETTER THAN EXPECTED RESULTS DID NOT HELP THE SENTIMENT. GOLD CLIMBED SHARPLY AS A DEFENSIVE BUY. CRUDE RALLIED TO $97 ON DOLLAR WEAKNESS. HOUSING CONTINUE TO BE A WORRY. NEW HOUSING STARTS AT 895000 LOWEST SINCE 1991 AND FALLING NEW BUILDING PERMITS  ADDED TO THE WOES. DOW  NOW LOOKS TO GO DOWN TO 10000 LEVELS. ALL ASIAN MARKETS ARE TRADING IN DEEP RED AND NIKKEI IS TRADING LOWER BY 370 POINTS AT THIS TIME.

NIFTY FUTURE , THOUGH OPENED POSITIVELY FOR A BRIEF PERIOD , FAILED TO BREAK THE BARRIER OF  4100 OUR FIRST RESISTANCE AND  FELL TO THE LOW OF 3980, OUR FIRST SUPP LEVEL AND CLSOED AT 3993.

NIFTY FUTURE SUPP LEVELS