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INTRADAY CALLS – 07/10/08

                                  GLOBAL OUT LOOK -CAUSE FOR CONCERN

YESTERDAY WE HAD SAID THAT DOW WOULD  TOUCH 9500 LEVELS. YESTERDAY DOW JONES FELL TO THE LOW OF 9533 AND RECOVERED FROM THERE.

YESTERDAY WE HAD ADVISED TO AVOID ALL LONGS  BELOW 3760 AND NIFTY OPENED BELOW THAT AND FELL 155 POINTS FROM THERE.

DOW JONES STARTED FALLING FROM THE OPEN ,YESTERDAY, AND HIT A PANIC BOTTOM OF 9533, THE LOW NOT SEEN AFTER 2004,LOSING  791 POINTS AT HTAT LEVEL AND RECOVERED ATLEAST FIFTY PERCENT OF THE LOSS ON THE HOPE THAT GLOBAL CENTRAL BANKS WILL HAND OUT A COORDINATED  INTEREST RATE CUT. THE PANIC WAS ACROSS GLOBAL STOCKS  AND EUROPE LOST AROUND 7%.  ASIAN MARKETS OPENED LOWER AND NIKKEI PLUNGED BELOW 10000 OMMEDIATELY AFTER OPENING AND NOW RECOVERED TO OVER 10148 AT THIS TIME.

NIFTY FUTURE YESTERDAY OPENED WITH BIG GAP, WHICH WE HAVE BEEN EXPECTING, AT 3740 AND PLUNGED TO THE DAY`S LOW OF 3603AND RECOVERED A LITTLE TO CLOSE AT 3640 LOSING 213 POINTS IN THE PROCESS.

NIFTY SUPP LEVELS 3585,3545,3515 RESIST 3700,3760. THE BREAK BELOW 3750 HAS WEAKENED THE NIFTY CONSIDERABLY AND THE RANGE FOR THE NIFTY HAS FURTHER FALLEN AND WE MAY SEE THE LEVELS OF 3500 AND 3300 IN THE DAYS TO COME. NIFTY FUTURE MAY OPEN LOWER AS A FOLLOWUP AND MAY PULL BACK ON SHORT COVERING IN A DAY OR TWO FROM AROUND 3500 LEVELS. WE SEE CONTINUING SELLING AT HIGHER LEVELS FOR SOME MORE TIME. AVOID SHORT IF NIFTY TRADES ABOVE 3780 FOR THE DAY.

WIPRO SUPP 315,306 RESIST 331,340 SELL AT HIGHER LEVELS

HINDLCO BUY 92 SL 90 TGT 98,101

BANKBARODA SUPP 288,283 RESIST 299 BUY

HINDPETRO BUY 235 SL 233 TGT 248

HINDUNILVR BUY 245 SL 242 TGT 257

ORIENTBANK SUPP 152,145 RESIST 160,164 BUY

TATASTEEL ABOVE 370 TGT 400

SATYAMCOMP SUPP 290,278 RESIST 305 BUY AT LOWER LEVEL

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