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INTRADAY CALLS – 08/10/08

                                                 BOTTOM  LEVELS KEEP CHANGING

 

DOW JONES FOUND NO RESPITE , DESPITE ANNOUNCEMENT FROM THE FED  TO IMPROVE LIQUIDITY IN COMMERCIAL PAPER MARKET.  HAVING OPENED HIGHER , AFTER THE ANNOUNCEMENT,  DOW FELL FROM THE HIGH OF 10124, FALLING CONTINUOUSLY TILL THE END OF THE DAY TO CLOSE AT 9446, NEAR THE DAY`S LOW OF 9436 LOSING NEARLY 688 POINTS FROM THE HIGH. WITH ALL THE GLOBAL INDEXES BREACHING MULTI YEAR LOWS, THE OUT LOOK IS GLOOMY. ASIAN MARKETS AS USUAL OPENED LOWER AND NIKKEI WELL BELOW 10000 AT 9646, HAVING LOST 509 POINTS IN THE MORNING SESSION.

NIFTY FUTURE OPENED HIGHER ON CRR CUT AND REVERSED FROM OUR RESISTANCE LEVEL OF 3760, FELL TO THE LOW OF 3552 AND RECOVERED SHARPLY TO CLOSE HIGHER AT 3671.

NIFTY FUTURE SUPP 3598, 3545,3545,3515 RESIST  AT 3695,3760. NIFTY FUTURE MAY OPEN LOWER ON GLOBAL FOLLOW UP.  BELOW 3500 IT HAS SUPPORT AT 3407 AND WE SEE NIFTY TESTING THE LEVELS OF 3200 EVEN IF IT WERE TO RECOVER ON A PULL BACK. AVOID SELLING SHORT IF IT OPENS MUCH LOWER, SINCE A PULL BACK IS POSSIBLE IN A DAY OR TWO. DON NOT AVOID STOP LOSS AS RECOVERY ON SHORT COVERIN FROM LOWER LEVELS WILL BE VERY SWIFT. DO NOT TRADE WHEN YOU ARE NOT COMFORTABLE WITH THE LEVELS.

DUE TO PAUCITY OF TIME STOCK CALLS TOMORROW.

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