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INTRADAY CALLS – 29/10/08

                                       NEW YEAR BRINGS HOPE, BUT NOT CONFIDENCE

 

SAMAWAT 2065 (NEW YEAR) IN INDIA, HAS BROUGHT MORE CHEER TO DOW JONES, AS IT RALLIED TO ONE OF THE BIGGEST GAINS YESTERDAY. IRONICALLY, YESTERDAY, THE CONSUMER CONFIDENCE FIGURE  RELEASED FOR OCTOBER  WAS THE LOWEST SINCE 1967 AT 38 , MUCH WORSE THAN THE EXPECTED READING OF 52. HOME PRICES IN 20 METROS FELL 16.6 PERCENT AS PER EXPECTATION. OBVIOUSLY, THE CONFIDENCE IN THEMARKET WAS VERY HIGH AFTER ENORMOUS RALLY IN ALL OTHER WORLD MARKETS AND DOW  BRACED YESTERDAY`S LEVEL OF 8175 ONCE DURING THE DAY AND NEVER LOOKED BACK AFTER AND MOVED UP SHARPLY IN THE AFTER NOON TO THE HIGHEST LEVEL OF THE DAY AT 9082 AND CLOSED AT 9065 GAINING 889 POINTS. ASIAN MARKETS ARE UP AS A FOLLOW UP AND NIKKEI IS TRADING WITH  A GAIN OF OVER 485 POINTS.

NIFTY FUTURE NOSE DIVED TO THE LOW OF 2228 ON MONDAY LOSING 300 POINTS AND RECOVERED ALMOST ALL THE LOSSES AND CLOSED THE DAY AT 2526 AND CONTINUED ITS JOURNEY UP SIDE  ON TUESDAY. HAVING OPENED HIGHER AT 2670, NIFTY FUTURE WAS BETWEEN 2640 AND 2704 DURING THE BRIEF SESSION AND CLOSED AT 2685 GAINING 159 POINTS FROM PREVIOUS CLOSE , OFCOURSE ON THIN VOLUMES.

NIFTY FUTURE SUPP LEVELS 2620,2526,2360 RESIST 2774,2874,3030.  AVOID LONG DURING THE DAY IF IT TRADES BELOW 2620. AVOID SHORT ABOVE 2775, ABOVE WHICH NIFTY MAY RALLY TO 3000+ LEVELS. AS SAID BY US NIFTY RECOVERED SHARPLY FROM LOWER LEVELS  ON MONDAY AND THIS PULL BACK CONTINUED ON TUESDAY. THIS IS ONLY A PULL BACK RALLY AND HENCE BE CAUTIOUS AT HIGHER LEVELS, AS WE EXPECT THE MARKET TO COME DOWN TO LOWER LEVELS AGAIN.

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