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INTRADAY CALLS – 06/11/08 – VIJAY

DOW JONES OPENED LOWER AT 9616, CONTINUED TO FALL THROUGHOUT THE DAY, AS ECONOMIC REALITIES TOOK CENTER STAGE, SETTING ASIDE THE COSMETIC ELECTION RESULTS, TO THE LOWEST LEVEL OF 9111 AND CLOSED AT 9139 LOSING 486 POINTS. PRIVATE NON FARM EMPLOYMENT DECLINED BY 157000, MUCH LESS THAN THE EXPECTED DECLINE OF 100000 AS PER ADP NATIONAL EMPLOYMENT REPORT. ISM SERVICES INDEX AT 44.4 IN OCTOBER REVEALS SHARP CONTRACTION IN SERVICES SECTOR SINCE 1997. THERE IS NO MAGIC WAND FOR BARACK OBAMA TO FIX THE STRUGGLING U.S. ECONOMY AND THE PAINS HAVE TO BE UNDERGONE IN THE COMING YEAR. WHILE THE ASIANS HAILED OBAMA`S VICTORY, MARKETS FOLLOWED DOW JONES. NIKKEI IS DOWN BY NEARLY 500 POINTS AT THIS TIME.

NIFTY FUTURE OPENED HIGHER AT 3274 AND AS SAID IN THIS COLUMN YESTERDAY FAILED TO STAY ABOVE 3265. NIFTY FUTURE WAS LOSING STEADILY THROUGH THE ENTIRE DAY AND CLOSED AT THE LOWEST LEVEL OF THE DAY AT 2971 LOSING 204 POINTS FROM PREVIOUS CLOSE AND 328 POINTS FROM DAY`S HIGH.

<p>NIFTY FUTURE SUPP LEVELS 2950,2800 RSIST 3140,3265. AVOID LONG BELOW 2950 DURING THE DAY. AS THE MARKETS ARE STILL IN DOWN TREND BOOK PROFITS AT EVERY RISE. MARKETS ARE LIKELY TO BE RNAGE BOUND FOR SOME MORE TIME AND HENCE BUY AT LOW LEVELS AND SELL AT RESISTANCE LEVELS. DUE TO PAUCITY OF TIME NO STOCK CALLS TODAY.

DO NOT AVOID STOP LOSS AND HEDGING.