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INTRADAY CALLS – 12/11/08 – VIJAY

GLOBAL MARKETS FALTER ON ECONOMY OUTLOOK

 

 

 

MANY WOULD  HAVE  WISHED THAT  U.S.STOCK MARKETS WERE ALSO CLOSED YESTERDAY ALONG WITH BONDS MARKET TO GET A REPRIEVE FROM THE FALLING NETWORTH..ONLY BOND MARKETS WERE CLOSED FOR VETERANS DAY. SINCE WE DONOT HAVE MANY VETERANS IN STOCK MARKET. DOW JONES  CONTINUED ITS FALL TILL NOON YESTERDAY TO THE LOW OF 8560 LOSING 310 POINTS, BUT RECOVERED ALMOST ALL THE LOSS IN THE AFTER NOON WHEN IT TOUCHED 8867. FEARS ABOUT THE ECONOMY, TRIGGERED SELLING AND DOW CLOSED AT  8693 LOSING  176 POINTS FOR THE DAY. ASIAN MARKETS FOLLOW THE TREND AND NIKKEI IS TRADING LOWER BY 41 POINTS AT THIS TIME.

 

NIFTY FUTURE YESTERDAY  OPENED LOWER AT 3142 TRAPPING ALL THE BULLS OF THE PREVIOUS DAY. DOWN WARD JOURNEY CONTINUED TILL THE CLOSING BELL WHEN THE FUTURE TOUCHED THE LOW OF 2906 AND CLOSED AT 2922 LOSING 254 POINTS.

 

DO NOT AVOID SL AND HEDGING IS THE ONLY WAY TO SUSTAIN THE VOLATILE MARKET.HAVE A PROFITABLE DAY. REPLIES AT THIS COLUMN OR AT VIJAY.CALLS@YAHOO.CO.IN

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NIFTY FUTURE SUPP LEVELS  2850, 2800 RESIST 3055,3150.

YESTERDAY WE ADVISED NO LONG BELOW 3050 AND NIFTY FUTURE LOST ALMOST 150 POINT FROM THERE TO TOUCH OUR SUPPORT LEVEL OF 2900.

NIFTY FUTURE MAY TAKE SUPPORT AROUND 2850 FOR THE DAY. BUT WE ADVISE AGAINST LONG IF IT TRADES BELOW THAT LEVEL. AS WE HAVE BEEN SAYING THE BOTTOM MAY STILL NOT BE IN PLACE. HENCE KEEP BOOKING PROFITS AT RESISTANCE LEVEL.

 

WIPRO  SUPP 244 RESIST 265 BUY WITH  SL BELOW 240

 

HINDALCO BUY 55 SL 53 TGT 64

 

ARVIND  BUY 16.5 SL 15.5 TGT 19.5

 

BANKBARODA SUPP 277,271 RESIST 292,298 BUY AT LOWER LEVEL

 

HINDUNILVR SUPP 241,236 RESIST 249 BUY AT LOWER LEVEL

 

HINDPETRO SUPP 198,195 RESIST 213 BUY AT LOWER LEVEL

 

ORIENTBANK SUPP 148,143 RESIST 157,161 BUY AT LOWER LEVEL

 

RELIANCE SUPP 1163,1125 RESIST 1250,1306

 

SATYAMCOMP SUPP 262 RESIST 284 BUY SL260 BELOW WHICH TGT 242