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INTRADAY CALLS – 22/10/08

                                         MARKETS STRUGGLE FOR SUPPORT

 

DOW JONES AFTER TWO DAYS OF GAIN REVERSED GEAR AND WENT DOWN ON LIGHTER VOLUMES.  ATER OPENING MARGINALLY LOWER, DOW TWICE DURING THE DAY TRIED TO MOVE TO THE POSITIVE SIDE AND AFTER BRIEFLY TOUCHING THE HIGH OF 9284 STARTED FALLING AGAIN IN THE LAST HOUR TO THE LOWEST LEVEL OF 9004 AND CLOSED AT 9033, LOSING 231 POINTS. EARNINGS REPORTS AND THE GUIDANCE OF MANY CORPORATES BROUGH THE MARKET DOWN. ASIA OPENED WEAK AND NIKKEI IS DOWN BY 295 POINTS AT THIS TIME.

NIFTY FUTURE OPENED HIGHER AT 3189 AND IMMEDIATELY FELL TO THE LOW OF 3122. RECOVERING LATER NIFTY FUTURE  MOVED TO THE POSITIVE TERRITORY AND TOUCHED THE HIGH OF 3265 AND CLOSED AT 3249 GAINING 88 POINTS FROM PREVIOUS CLOSE.

NIFTY FUTURE SUPP LEVELS 3155, 3100 RESIST 3265,3359. MARKET MAY OPEN LOWER ON GLOBAL FOLLOW UP. AS WE HAD SAID YESTERDAY NIFTY MOVED BETWEEN 3100 AND 3265, THE EXACT LEVEL MENTIONED BY US. AGAIN AVOID ALL SHORTS IF NIFTY TRADES ABOVE 3280 AND NO LONG BELOW 3100. STOCK SPECIFIC MOVEMENTS AND VOLATILITY WILL BE THERE AHEAD OF THE SETTLEMENT WEEK. DO NOT AVOID STOP LOSS.

WIPRO SUPP  288,274 RESIST 300,313

HINDALCO SUPP 61,56 RESIST 69,74 SELL

HINDUNILVR BUY 242 SL 238 TGT 252,259

HINDPETRO SUPP 221,213 RESIST 234

ICICIBANK BELOW 425 TGT410

RELIANCE SUPP 1365 RESIST 1427 BELOW 1360 TGT 1315

SATYAMCOMP SUPP 300,279 RESIST 323,333 BUY

TATASTEEL ABOVE 290 TGT 323

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