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INTRADAY CALLS – 20/10/08

                                      MARKETS STAY NEUTRAL ON VALUATIONS

 

DOW JONES  ON FRIDAY ENDED THE MOST VOLATILE WEEK IN RECENT TIMES WITH THE LOSS OF 127 POINTS ON FRIDAY.  DOW OPENED LOWER IN THE INITIAL HOUR AND WENT DOWN FURTHER  TO 8718 AND RECOVERED  LATER IN THE DAY TO THE HIGH OF 9281 GAINING 301 POINTS.  SELLING IN THE LATE HOUR PUSHED THE INDEX DOWN TO 8852 TO A LOSS OF 127 POINTS. HOWEVER DOW CLOSED POSITIVELY  FOR THE WEEK.  HOUSING STARTS AND BUILDING PERMITS WERE BELOW EXPECTATION AND MATCHED THE LEVELS SEEN IN 1991. ASIAN MARKETS ARE MARGINALLY UP AND NIKKEI IS UP BY 45 POINTS IN THE MORNING SESSION.

NIFTY FUTURE ON FRIDAY OPENED HIGHER AT 3311, TOUCHED 3353 BEFORE FALLING TO A NEW LOW OF 3050 AND CLOSED AT 3053 LOSING 222 POINTS.

NIFTY FUTURE SUPP LEVELS 3050, 3000,2959  RESISTI LEVELS 3263,3359.NIFTY FUTURE MAY OPEN FLAT ON GLOBAL CUES.  PULL BACK ON SHORT COVERING MAY BE POSSIBLE. HOWEVER , NIFTYFUTURE CONTINUES TO BE WEAK AND MAY SEE THE LEVELS OF 2900 OR EVEN 2600  IN THE COMING DAYS.  BOOK PROFITS AT RESISTANCE 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