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INTRADAY CALLS – 21/11/08

DOW(N) AND OUT

 

 

DOW JONES WAS DOWN TO 7800 LEVELS AFTER OPENING AND  MOVED IN TO THE POSITIVE TERRITORY ON AUTO INDUSTRY BAILOUT EXPECTATIONS, TOUCHING THE DAY`S HIGH OF 8187 IN THE  AFTER NOON, GAINING 190 POINTS FROM PREVIOUS CLOSE.. DOW STARTED SLIDING FROM THERE TO THE DACADE LOW OF  7506 AND CLOSED AT  AN MULTI YEAR LOW OF 7552 LOSING 444 POINTS. INITIAL JOBLESS CLAIMS  FOR THE WEEK ENDED NOV 15 SCALED TO A NEW HIGH OF 542000, SENDING THE MARKETS  DOWN  FOR THE FOURTH DAY  IN THE LAST FIVE DAYS. CRUDE AND OTHER COMMODITIES, WITH THE EXCEPTION OF GOLD, ARE FALLING TO NEW LOWS. ASIAN MARKETS ARE AS USUAL AND NIKKEI IS DOWN BY 224 POINTS AT THIS TIME.

 

NIFTY FUTURE YESTERDAY OPENED LOWER AT 2515, WENT DOWN FURTHER TO 2495 AND GRADUALLY RECOVERED ON SHORT COVERING TO THE HIGH OF 2575 AND CLOSED AT 2570 LOSING 39 POINTS FROM PREVIOUS CLOSE.

 

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

 

 

NIFTY FUTURE SUPP 2490,2360 RESIST 2583, 2760.  NIFTY FUTURE MAY OPEN LOWER AGAIN ON FOLLOW UP. AVOID SHORT ABOVE 2590 FOR THE DAY. JUST AS DOW JONES NIFTY MAY ALSO BE HEADING FOR NEW LOWS IN THE COMING DAYS. MARKETS ARE AND WILL BE VOLATILE. NEVER CARRY A POSITION WITHOUT HEDGING. DUE TO PAUCITY OF TIME NO STOCK CALL TODAY. HAVE A GOOD DAY.