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INTRADAY CALLS – 03/12/2008 – VIJAY

GLOBAL MARKETS GRADUALLY SEEK LOWER LEVELS

AFTER THE FOURTH LARGEST FALL THE DAY BEFORE, DOW RECOVERED A PART OF IT YESTERDAY WITH NO BIG POSITIVE NEWS EMERGING.  DESPITE DISMAL NOVEMBER AUTO SALES, AUTO STOCKS TRADED POSITIVELY ON EXPECTATION OF A INEVITABLE BAILOUT.  DOW  OPENED FLAT, MOVED HIGHER ONLY TO FALL BACK TO OPENING LEVELS AND FINALLY RECOVERED SHARPLY IN THE POST NOON SESSION TO CLOSE AT 8419 NEAR THE DAY`S HIGH OF 8437 GAINING 270 POINTS. ASIAN MARKETS ARE POSITIVE AFTER THE BIG LOSSES IN THE EARLIER DAY AND NIKKEI IS TRADING HIGHER BY 56 POINTS.

NIFTY FUTURE OPENED LOWER AND WENT DON TO 2565, RECOVERED ON SHORT COVERING TO THE DAY`S HIGH OF 2665 AND CLOSED AT 2654, LOSING 24 POINTS FROM THE PREVIOUS DAY.

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 LEVELS 2565,2490 RESISTANCE LEVELS 2679, 28 15,2890. NIFTY FUTURE AS SAID IN THIS COLUMN IS STRUGGLING TO MOVE UP  WITH DWINDLING LIQUIDITY.  THE SHARP MOVEMENTS ON BOTH SIDES ARE DUE TO LACK OF VOLUME AND HENCE VOLATILITY WILL CONTINUE.  WITH A  STIMULUS PACKAGE EXPECTED TO BE ANNOUNCED BY THE  GOVT.  SHORTLY,THE SHARP MOVEMENTS MAY CONTINUE. WE ARE STILL NOT POSITIVE ON THE NIFTY FUTURE AND WE ADVISE BOOKING PROFITS AT EVERY SHARP RISE AND WAIT FOR LOWER LEVELS TO BUY. STOCK CALLS WILL RESUME IN TWO DAYS.