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INTRADAY CALLS – 04/12/08 – VIJAY

MARKETS ARE RANGE BOUND BEFORE A DECISIVE MOVE

DOW JONES WAS ON A SEESAW RIDE YESTERDAY SHUTTLING BETWEEN HIGH AND LOW. DOW WENT DOWN TO THE DAYS LOW OF  8234,LOSING 185 POINTS IMMEDIATELY AFTER OPENING AND MOVED TO THE POSITIVE ZONE, ONLY TO FALL AROUND 2 P.M.AND FINALLY RECOVERED TO CLOSE AT 8591 NEAR DAY`S HIGH OF 8624 GAINING 172 POINTS. ADP NON FARM EMPLOYMENT REPORT AND NOVEMBER ISM MANUFACTURING SURVEY WERE NEGATIVE , WHILE E -COMMERCE SALES SAVED THE DAY FOR THE BULLS. ASIAN MARKETS ARE NEUTRAL AND NIKKEI IS JUST UP BY 17 POINTS,

BACK HOME NIFTY FUTURE  OPENED HIGHER, BUTCOULDNOT STAY AT HIGHER LEVELS AND WAS TRADING IN THE NEGATIVE ZONE THROUGHOUT THE DAY. NIFTY FUTURE WAS RBAGE BOUND BETWEEN 2601 AND 2679 (OUR LEVEL)AND CLOSED AT 2644 WITH THE LOSS OF 10 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

NIFTY FUTURE SUPP LEVELS 2565, 2490 RESIST 2679,2815. AVOID SHORT FOR THE DAY ABOVE 2680 AND AVOID LONG BELOW 2565. WE EXPECT NIFTY FUTURE TO BE RANGE BOUND FOR SOME TIME AND MAY SEE A SPIKE ON SOME POSITIVE ANNOUNCEMENTS FROM THE GOVT AND RBI. BUT, THE TREND IS STILL DOWN AND HENCE AVOID BUYING AT HIGHER LEVELS.