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INTRADAY CALLS – 24/10/08

                                        IT IS SELLING  AND NOT SHORT SELLING

DOW JONES WAS ALTERNATING BETWEEN NEGATIVE AND POSITIVE LEVELS DURING THE DAY AND ENDED FINALLY UP BY 172 POINTS AT 8691. AFTER FALLING TO THE LOWEST LEVEL OF 8243 AND  TOUCHING THE HIGHEST LEVEL OF 8795 MOVING EXACTLY 276 POINTS ON BOTH SIDES DOW MANAGED TO SETTLE HIGHER.  JOBLESS CLAIMS AGAIN, BEAT EXPECTATIONS AT 478000, WAS THE  ONLY ECONOMIC NEWS OF SIGNIFICANCE. ASIAN MARKETS  TRADING MIXED AND NIKKEI SINKS WITH SONY AND IS DOWN BY 353 POINTS.

NIFTY FUTURE  OPENED LOWER AT 2911, NEAR THE LOWEST LEVEL OF THE DAY  AND PULLED BACK ON COMMENTS ON SHORT COVERING BY FII`S TO THE LEVEL OF 3094, ONLY TO FALL AGAIN TO THE LOW LEVELS AND CLOSED AT 2959 LOSING 99 POINTS FROM PREVIOUS CLOSE.

NIFTY FUTURE SUPP LEVELS 2935, 2855 RESIST 3030, 3160. KNEE JERK REACTIONS BY THE SEBI AND FINANCE MINISTRY CANNOT REVIVE THE MARKETS. ANY BAN ON SHORT SELLING WILL MAKE MARKETS MORE VOLATILE AND THERE WILL BE NO LIQUIDITY. ALREADY MARKETS ARE SUFFERING FROM LACK OF LIQUIDITY AND THERE WILL BE SHARPER LOSSES IF BAN IS IMPOSED. SHORT COVERING EFFECTS WILL BE SHORT LIVED. AVOID BUYING IF THE MARKET RECOVERS SHARPLY ON SHORT COVERING. DOWN WARD PRESSURE STILL STAYS AND BOTTOM IS STILL AWAY. AVOID SHORTS ABOVE 3160.

WIPRO SUPP  276,261 RESIST 288,300

HINDALCO SUPP 49,43 RESIST 57,64 SELL AT HIGHER LEVEL

BANKBARODA SUPP 269,262 RESIST 279,298 SELL AT HGHER LEVEL

HINDUNILVR SUPP 242,236 RESIST 249,254 BUY

HINDPETRO SUPP 195,189,185 RESIST 207,220 SELL AT HIGHER LEVEL

RELIANCE ABOVE 1280 TGT 1310, 1355

SATYAMCOMP SUPP 295,286 RESIST 306,315,323

NTPC SUPP 138,135,131 RESIST 150,158 SELL AT HIGHER LEVEL

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