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INTRADAY CALLS – 12/12/08 – VIJAY

UNENDING ECONOMIC WOES KEEP MARKETS ON SEESAW

INITIAL JOBLESS CLAIMS FOR THE WEEK ENDED DECEMBER 6 AT 573000, ALONG WITH CONTINUING CLAIMS, WHICH IS AT  4.43 MILLION, WAS WORSE THAN EXPECTED AND WAS INSTRUMENTAL IN BRINGING THE MARKET DOWN FOR THE DAY. DOW OPENED LOWER AND WAS IN THE GREEN FOR  A SHORT TIME AROUND NOON, ONLY TO FALL TO THE LOW OF  8512 AND CLOSED LITTLE HIGHER AT 8565, LOSING 196 POINTS. UNCERTAIN OUTCOME  OVER THE BAILOUT IN THE SENATE  ADDED TO THE NEGATIVE SENTIMENT. ASIAN MARKETS HAVE FOLLOWED US AND NIKKEI HAS RECOVERED SOME ITS EARLY LOSS AND IS DOWN BY 130 POINTS AT THIS TIME.

NIFTY FUTURE WAS SLIGHTLY HIGHER IMMEDIATELY AFTER OPENING AT 2956, AND WAS TRADING LOWER THROUGH OUT THE DAY AND TOUCHED THE LOW OF 2863, BUT RECOVERED SHARPLY TO CLOSE AT 2944 UP BY 8 POINTS FROM THE 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

WE WILL BE GIVING HEDGED DERIVATIVE CALLS TO BEAT THE VOLATILITY. MAIL TO US FOR DETAILS

NIFTY FUTTURE SUPP LEVELS 2845,2776 RESIST  2950,3055. NIFTY FUTRURE MAY OPEN LOWER ON GLOBAL CUES. STAY LONG WITH STOP LOSS BELOW 2840 FOR THE DAY , BELOW WHICH 2790 IS POSSIBLE. DESPITE THE SHORT TERM FIRM NESS, THE OUT LOOK FOR THE MEDIUM TERM CONTINUOUS TO BE WEAK AND THE NEW YEAR MAY SEE LOWS AGAIN.