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INTRADAY CALLS – 05/12/2008

NIFTY FUTURE RALLIES ON RATE CUT HOPES

DOW JONES OPENED FLAT AND WAS TRADING NEUTRAL  WITH NEGATIVE BIAS FOR MOST OF THE DAY AND SUCCUMBED TO LAST HOUR SELLING PRESSURE TO FALL TO THE LOW OF 8260, FROM THE DAY`S HIGH OF 8631 AND MANAGED TO RECOVER SOME LOSS IN THE LAST MINUTES AND STILL CLOSED AT 8376, WITH THE LOSS OF 215 POINTS. THOUGH INITIAL JOBLESS CLAIMS WERE BETTER THAN EXPECTATION, CONTINUOUS CLAIMS JUMPED TO 4.09 MILLION. SINKING COMMODITIES AND OIL ADDED TO THE WOES. EXPECTED BAILOUT OF AUTO MAJORS AND FRIDAY`S UNEMPLOYMENT REPORT HOLDS THE KEY FOR TOMORROW. ASIAN MARKETS  STAY NEUTRAL AND NIKKEI IS UP BY 34 POINTS T THIS TIME.

NIFTY FUTURE OPENED FLAT  GAINED GRADUALLY AND RALLIED SHARPLY AFTER 2 P.M. FROM THE LOW OF 2643 TO THE HIGH OF 2805 AND CLOSED AT 2793 GAINING 149 POINTS, ON THE BACK OF SHARP GAINS IN INDEX HEAVY WEIGHTS.

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 2673,2565 RESIST 2815,2846,2890. WE ADVISED NO SHORTS ABOVE 2680 YESTERDAY. THIS RALLY IS ON THE EXPECTATION OF A  PACKAGE AND RATE CUT FROM THE GOVT AND THE RBI.  RIDE THE RISE AS LONG ST IT LASTS AND KEEP BOOKING PROFITS AT HIGHER LEVEL. MARKET MAY REVERSE IF THE STIMULUS PACKAGE  FALLS BELOW EXPECTATION. NIFTY FUTURE WILL BE RANGE BOUND AS LONG AS IT STAYS ABOVE 2600. AVOID LONG BELOW 2670 FOR THE DAY.