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INTRADAY CALLS – 22/09/08

BLOOD TRANSMISSION TO AN ICU PATIENT – IS IT A BIG CAUSE  FOR CELEBRATION?

DOW  CONTINUED ITS RALLY, THE BIGGEST TWO DAY RALLY IN MANY YEARS, ON FED  CREATING AN ENTITY WITH $700 BILLION TO TAKE IN ALL THE WASTES OF SINKING FINANCIAL COMAPNIES TO MAKE THEM FLOAT AND IN THE PROCESS PUNISHING THE TAX PAYERS AND  THE REGULARLY REPAYING HOUSE OWNERS.  DOW GAINED NEARLY 1080 POINTS FROM THURSDAY`S LOW OF 11459 TO THE FRIDAY`S HIGH OF 11483 AND CLOSED AT 11388 NETTING A GAIN OF 368 POINTS ON FRIDAY. THE STRONG MOVE WITH HGHER VOLUMES INDICATE THAT DOW MAY RALLY SOME MORE IN THE SHORT TERM.  ALLASIAN MARKETS GAINED SOLIDLY ON THE BACK OF U.S. BAIL OUT.  FOLLOWING U.S. AND U.K., AUSTRALIA AND TAIWAN ALSO BANNED SHORT SELLING AND THE RALLY TAKES A WING.  THE EFFECT OF BANNING SHORT SALES WILL BE KNOWN LATER. AT THIS TIME NIKKEI IS TRADING HIGHER BY 280OINTS.

NIFTY  OPENED WITH A BIG GAP  AND SHORTLY FELL TO THE DAY`S LOW OF 4142 AND SOARED AGAIN TO 4290 AND CLOSED 4281 GAINING 230 POINTS. WE HAVE BEEN ADVISING AGAINST SHORT ABOVE 4100 FOR THE PAST FEW DAYS.

NIFTY  FUTURE SUPP LEVEL 4184,4140 RESIST 4318, 4372,4496  WE EXPECT NIFTY FUTURE OPEN HIGHER ON GLOBAL CUES AND SHORT COVERING. HOLD ON TO THE POSITION AND BOOK PROFITS IF NIFTY FUTURE STRUGGLES TO MOVE ABOVE 4375 LEVELS. NO LONGS BELOW 4140.

WIPRO SUPP 412, 403 RESIST 428,434 SELL AT HIGHER LEVEL

HINDALCO BUY 111 SL 106 TGT 117,119

BANKBARODA SUPP 321,309 RESIST 332,338  BUY AT LOWER LEVELS

HINDUNILVR BUY 244 SL 242 TGT 252,256

HINDPETRO SUPP 229,222 RESIST 240,245 SELL AT HIGHER LEVEL

ICICI BANK ABOVE 640 TGT  657,676

RELIANCE SUPP 2000 RESIST 2082,2140

SATYAMCOMP SUPP 356 RESIST 378 SELL WITH SL 382 ABOVE WHICH 402 IS POSSIBLE

AMBUJACEM BUY 83 SL 81 TGT 88,91

CAIRN SUPP 215 RESIST 226,230 SELL AT HIGHER LEVEL

INDIANB  SUPP 131,126 RESIST 141,144 SELL

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