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INTRADAY CALLS – 13/10/08

                           GLOBAL EMERGENCY MEASURES ONLY SHORT TERM RELIEF

 

DOW JONES ON FRIDAY PLUNGED BELOW 8000 IN THE OPENING HOURS TO TOUCH MULTI YEAR LOW OF 7882, ON GLOBAL MELT DOWN AND WAS VOLATILE THROUGHOUT THE DAY. AFTER MOVING IN TO THE POSITIVE TERRITORY DOW AGAIN FELL BELOW 8000 DURING THE DAY AND RECOVERED SMARTLY IN THE LATTER HALF OF THE DAY TO THE DAY`S HIGH OF 8901 AND CLOSED AT 8451 LOSING 128 POINTS,  ON A DAY WHEN INTRADAY MOVEMENT WAS MORE THAN 1000 POINTS.  DOW LOST MORE THAN 18 PERCENT  DURING THE WEEK, HALF OF ITS LOSS FOR THE YEAR.GOVERNMENTS ACROSS THE WORLD ARE  PLANNING EMERGENCY MEASURES TO BRING IN CONFIDENCE TO THE MARKETS BY INFUSING BILLIONS OF DOLLARS TO INCREASE LIQUIDITY.  HOW FAR IT WILL HELP IN RESTORING THE CONFIDENCE IN THE MARKETS IS TO BE SEEN. ASIAN MARKETS OPENED HIGHER  AND NIKKEI IS CLOSED FOR HOLIDAY.

NIFTY FUTURE ON FRIDAY OPENED DEEP IN THE RED AT 3280 AND DROPPED FURTHER TO 3216 LOSING 350 POINTS AT LOW, RECOVERED TWICE DURING THE DAY, TOUCHED THE HIGH OF 3410 AND CLOSED AT 3303.

NIFTY FUTURE SUPP LEVELS 3266,3220,3115 RESIST 3372,3410, 3513. AFTER CONTINUES LOSSES NIFTY MAY PULL BACK ON SHORT COVERING ON GLOBAL SENTIMENTS AND MAY OPEN A LITTLE HIGHER. HOWEVER, IT MAY FIND RESISTANCE AT HIGHER LEVELS. WE ADVISE CAUTION AT HIGHER LEVELS AS NIFTY HAS NOT STILL SHOWN SIGNS OF BOTTOMING OUT AND ANY FALL BELOW 3200 MAY TAKE NIFTY TO 2900 LEVELS.  NIFTY WILL BE VOLATILE ON SHORT COVERING AND HENCE DO NOT AVOID STOP LOSSES.  WE SHALL ADVISE WHEN THE TREND REVERSES.

WIPRO  SUPP 260,251 RESIST 272,284

HINDALCO SUPP 75,71 RESIST 87,91 SELL

BANKBARODA SUPP 275 RESIT 285,293 BUY WITH SL 273

HINDUNILVR SUPP 217,211 RESIST 230,235 BUY ATLOW LEVEL

HINDPETRO ABOVE 206 TGT 221

ORIENTBANK SUPP 153,149 RESIST 164,168 BUY

SATYAMCOMP SUPP 239, 222 RESIST 259 ABOVE 263 TGT 276,292

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