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INTRADAY CALLS – 19/09/08

   GLOBAL MARKETS PULL BACK AFTER CONTINUOUS LOSSES

 

 

DOW JONES HAD A HIGHLY  VOLATILE DAY YESTERDAY, WITH THE INDEX SLIPPING TO A MORE THAN TWO YEARS LOW OF 11459 IN THE MIDDLE OF THE DAY AND RECOVERED TO SCORE A BIG GAIN OF 410 POINTS TO END THE DAY AT 11019. IN THE INTRDAY DOW MOVEMENT WAS 617 POINTS. INCREASED INITIAL JOB LOSS CLAIMS BROUGHT DOW DOWN IN THE INITIAL HOURS.  WITH ALL THE CENTRAL BANKS INFUSING BILLIONS OF DOLLARS IN THE FINANCIAL SYSTEMS, THE FINANCIAL STOCKS RECOVERED DURING THE DAY. BAN ON SHORT SELLING AND THE MEETING OF TOP U. S FINANCIAL OFFICIALS WITH CONGRESSIONAL LEADERS TO  FIX THE FINANCIAL CRISIS HELPED SENTIMENT AND BOOSTED THE MARKETS.  MOST OF  THE WORLD MARKETS RECOVERED FROM STEEP LOSSES. AFTER SEVEN DAYS OF LOSSES  THE RECOVERY IS ALWAYS SHARP AND THIS PULL BACK MAY LAST TILL THE EUPHORIA DIES DOWN  AND IT IS ONLY PUTTING THE LOSSES FROM FEW CORPORATES IN TO THE LOT OF TAX PAYERS POCKETS.  THE CRUX OF THE PROBLEM WILL STAY FOR SOME MORE TIME. ASIAN MARKETS ARE ON SONG AND THE NIKKEI IS +375 AT THIS POINT OF TIME.

NIFTY FUTURE YESTERDAY HAD GAP DOWN OPENING AT 3835, FELL FURTHER TO 3812, RECOVERED DURING THE DAY TO THE DAY`S HIGH OF 4073 AND CLOSED AT 4051 GAINING 58 POINTS.

NIFTY FUTURE SUPP LEVELS 3900,3812,3760 RESIST 4100,4217, 4318. AVOID SHORTS IF THE NIFTY FUTURE  TRADES ABOVE 4100.  THIS IS ONLY A STRONG PULL BACK AFTER STRING OF LOSSES AND WILL END SOON.  BOTTOMING OUT IS NOT CONFIRMED AND HENCE  BOOK PROFITS AT HIGHER LEVEL.  

WIPRO SUPP 392, 380 RESIST 404,415,427 SELL AT HIGHER LEVEL

HINDALCO SUPP 106,102 RESIST 116,119 SELL AT HIGHER LEVEL

BANKBARODA SUPP 309 RESIST 332,338,352 BUY

HINDUNILVR SUPP 235 RESIT 245 BUY

HINDPETRO SUPP 229 RESIST 246,253 SELL

MTNL BUY 83 SL 81 TGT 88,92

RELIANCE  RESIST 2004,2045 SELL AT HIGHER LEVEL

SATYAMCOMP SUPP 328 RESIST 342,363

AMBUJACEM BUY 77 SL 75 GT 85

ZEEL BUY 196 SL 193 TGT 204,216

CAIRN BUY 201 SL 197 TGT 211, 218

INDIANB SUPP 125 RESIST 134,141

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