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INTRADAY CALLS – 03/10/08

                                           BAILOUT NO PANACEA

   DOW JONES ON THURSDAY CHANGED DIRECTION AND FELL FROM THE OPENING HOURS TO END THE DAY AT 10482, A LITTLE HIGHER FROM THE LOWEST LEVEL OF 10439 LOSING 348 POINTS, THUS WIPING OUT TWO THIRDS OF THE PREVIOUS DAY`S GAIN. WEEKLY INITIAL JOBLESS CLAIMS NEARING HALF MILLION MARK WAY ABOVE EXPECTATION, THOUGH PARTLY DUE TO HURRICANES  WAS THE DAMPENER. A LARGER DECLINE OF 4% IN AUGUST FACTORY ORDERS ADDED TO THE WOES.  UNCERTAINITY ABOUT THE APPROVAL OF THE REVISED 700 BILLION PLAN AT THE HOUSE OF REPRESENTATIVES  DENIED ANY CHANCE OF RECOVERY DURING THE DAY. ASIAN MARKETS ARE LIKELY TO FOLLOW AND NIKKEI FELL BELOW 11000 THE LOWEST LEVEL IN THE LAST THREE YEARS AND PRESENTLY TRADING AT AROUND THAT MARK LOSING 157 POINTS. 

NIKKEI FUTURE  OPENED AT 3939 ON WEDNESDAY AND WENT DOWN TO THE LOW OF 3862 RECOVERED SHARPLY TO 4017 AND CLOSED AT 3973 GAINING 41 POINTS.

NIFTY FUTURE SUPP LEVELS 3913,3860,3834 RESIST 4000,4100. NIFTY FUTURE MAY OPEN LOWER ON GLOBAL FOLLOW UP. AVOID LONG BELOW 3860 FOR THE DAY. NO SHORTS ABOVE 4000. U.S. ECONOMIC DOWN TREND WILL HAVE ITS IMPACT ON INDIAN TECH COMPANIES AND WE MAY NOT SEE BIG UP SIDE IN THE SHORT TERM.  WE MAY SEE A SHARP FALL IF THE  U.S. BAIL OUT DOES NOT COME THROUGH ON FRIDAY.  3760 IS A GOOD SUPPORT LEVEL BELOW WHICH WWE MAY SEE 3500. INITIATE LONGS FOR DAY TRADE IF THE LEVEL OF 3860 IS NOT BROKEN.

WIPRO SUPP 342,336 RESIST 356 SELL  WITH SL 358

HINDALCO SUPP 95,92 RESIST 101,106 SELL

BANKBARODA SUPP 302,288 RESIST 314,325 BUY

HINDUNILVR SUPP 251,246 RESIST 262

HINDPETRO SUPP 235 RESIST 246,252 BUY WITH SL 233

ORIENTBANK SUPP 149,145 RESIST 156,164 BUY AT LOWER LEVEL SL 143

SATYAMCOMP SUPP 311,295 RESIST 324,334  BUY AT LOWER LEVEL

ZEEL SUPP 195 RESIST 211

CAIRN SUPP 208,203 RESIST 219 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