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INTRADAY CALLS – 26/09/08

NIFTY  NOT IN THE STRONG TERRITORY

 

DOW JONES   SINCE OPENING MANAGED TO STAY HIGHER ON THURS DAY AND CLOSED AT 11022 GAINING 196 POINTS, A LITTLE OFF FROM DAY`S HIGH OF 11129, DESPITE A STRING OF DISAPPOINTING  ECONOMIC NEWS , IN ANTICIPATION OF THE APPROVAL OF THE BAILOUT PACKAGE.  JOBLESS CLAIM FOR THE WEEK ENDING SEPT 20,  SHOT UP TO 493000, MUCH ABOVE THE EXPECTED LEVEL OF 450000 AND NEW HOME SALES REACHED NEW LOWS AT 460000, AGAIN, WELL BELOW EXPECTATIONS. HOWEVER THE FINAL DECISION ON THE PACKAGE IS STILL AWAY AND MAY TAKE SOME MORE TIME BEFORE BEING FINALISED.  WASHINGTON MUTUAL , THE NATION`S LARGEST THRIFT IS THE NEXT TO GO DOWN  UNDER AND J.P. MORGAN IS LIKELY TO ACQUIRE ITS OPERATIONS AND ITS STOCK PRICE WAS DOWN BY 70% TO $.45 IN AFTER HOURS TRADING. ASIAN MARKETS STARTED POSITIVELY AND NIKKEI IS NOW TRADING MARGINALLY DOWN BY 28 POINTS.

NIFTY SEPTEMBER FUTURE WAS BETWEEN 3800 AND 4600 DURING THE MONTH AS WRITTEN ON THE FIRST DAY OF THE SETTLEMENT. ON THE SETTLEMENT DAY  NIFTY FUTURE OPENED LOWER AT 4175 AND WENT DOWN FURTHER TO THE DAY`S LOW OF 4077 AND CLOSED AT 4110 NEARLY 106 POINTS LOWER FROM THE PREVIOUS SETTLEMENT CLOSE.

NIFTY OCTOBER FUTURE MAY CONTINUE TO BE IN THE SAME RANGE AS THE PREVIOUS MONTH, BUT LOOKS WEAKER THAN EARLIER AND ANY BREAK BELOW 3750 LEVELS MAY TAKE IT TO 3500 LEVELS. 4650 IS STILL THE STRONGEST RESISTANCE LEVEL TO WATCH FOR.  HENCE BUY AT THE LOWER LEVELS WITH STRICT STOP LOSS AND EXIT AROUND THE LEVELS OF 4500. ANY SIGNIFICANT TURN AROUND WILL BE ADVISED IN THIS COLOUMN.

NIFTY FUTURE SUPP LEVELS 4100,4050 RESIST 4197,4255. AVOID LONG BELOW 4100 FOR THE DAY. NIFTY MAY OPEN A LITTLE HIGHER ON U.S. CLOSE AND MAY FIND RESISTANCE AT HIGHER LEVELS WE ADVISE EXIT OF TRADING BUY`S AT RESISTANCE LEVELS AND WAIT FOR THE NEXT TRADE.

WIPRO SUPP 349,342 RESIST 368,372 SELL AT HIGHER LEVEL

HINDALCO BUY 105 SL 102 TGT 110

ARVIND BUY 26 SL 24.5 TGT 28.5,30

BANKBARODA 298,292 RESIST 310,314 BUY

HINDUNILVR SUPP 245 RESIST 252,256 SELL AT HIGHER LEVEL

HINDPETRO SUPP 232,224 RESIST 242,246 SELL

MTNL BUY 89 SL 87 TGT 93,95

RELIANCE SUPP 2018,2000 RESIST 2062,2085 SELL WITH SL 2089

SATYAMCOMP SUPP 322,314 RESIST 334,342,350 BUY

ZEEL SUPP 200,196 RESIST 206,212 BUY

INDIACEM  SUPP 132,127 RESIST 140,148 BUY

CAIRN SUPP 220,215 RESIST 232,236 BUY

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