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INTRADAY CALLS – 17/10/08

                                            MARKETS PAUSE FOR DIRECTION

LATE SESSION RECOVERY HELPED DOWJONES TO CLOSE POSITIVELY AFTER THE HEAVY LOSSES IN THE EARLIERDAY. DOW OPENED STEADY AND THEN FELL TO THE LOWEST LEVEL OF THE DAY AT 8197 AND GRADUALLY RECOVERED DURING THE DAY TO THE HIGH OF 9013 AND CLOSED AT 8979 GAINING OVER 401 POINTS. WITH INTRADAY MOVEMENT OF 816 POINTS THE VOLATILITY INDEX TOUCHED AN ALL TIME HIGH OF 81 DURING THE DAY. JOBLESS CLAIMS AT 461000 WAS LESSER THAN EXPECTED AND INDUSTRIAL PRODUCTION FOR SEPTEMBER DECREASED BY 2.8 WHICH WAS HIGHER THAN EXPECTATION WERE SOME ECONOMIC NEWS OF SIGNIFICANCE. ASIAN MARKETS ARE TRADING MIXEDLY AND NIKKEI IS UP BY 129 POINTS AT THIS TIME.

NIFTY FUTURE  OPENED DEEP IN THE RED AT 3149 AND FELL FURTHER TO 3101 AND RECOVRED SHARPLY IN THE SECOND HALF OF THE DAY AND MOVED TO THE POSITIVE TERRITORY BRIEFLY AT 3359 AND FELL TO CLOSE AT 3275 LOSING 64 POINTS.

NIFTY FUTURE SUPP 3160, 3100 RESIST 3268,3359, 3460.  AVOID SHORT FOR THE DAY IF NIFTY FUTURE STAYS ABOVE 3270. SHORT COVERING AND PULL BACK MAY LEAD TO SOME RECOVERY. HOWEVER AVOID ALL LONGS BELOW 3150. BOOK PROFITS AT HIGHER LEVEL

WIPRO SUPP 275,255 RESIST 292,312 SELL ATHIGHER LEVEL

HINDALCO SUPP 66,62 RESIST 74,83 SELL

BANKBARODA SUPP 302,288 RESIST 325,332 SELL AT HIGHER LEVEL

HINDUNILVR  SUPP 235 RESIST 252,258 BUY

HINDPETRO SUPP 222,216 RESIST 230,238 BUY

MARUTI ABOVE 694 TGT 713

ORIENTBANK SUPP 162,152 RESIST 170,175 BUY

RELIANCE SUPP 1370,1305 RESIST 1420,1464

SATYAMCOMP SUPP  258,239 RESIST 270,287 SELL AT HIGHER LEVEL SL 294

INDIACEM BUY 91 SL 89 TGT 100,104

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