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INTRADAY CALLS – 22/12/08 – VIJAY

BAILOUT TO AUTO MAJORS FAIL TO CHEER

THIS COLUMN WAS NOT AVAILABLE LAST WEEK DUE TO PREOCCUPATION.

DOW JONES ON FRIDAY SURGED  HIGHER ON THE BAILOUT OF THE AUTO MAJORS WITH MORE THAN

$17 BILLION IN THE OPENING HOURS ON HIGHER VOLUMES, BUT WAS NOT ABLE TO

SUSTAIN THE GAINS AND PARED ALL THE GAINS IN THE REMAINING SESSION TO CLOSE

LOWER AT 8579, FROM THE DAY`S HIGH OF 8787 LOSING 208 POINTS FROM THE HIGH

AND LOSING 25 POINTS FROM THE PREVIOUS CLOSE.  HIGHER VOLUME ON FRIDAY AT HIGHER

LEVELS WAS A CONCERN.  CRUDE FELL TO A FOUR YEAR LOW OF $32 ON

THE FUTURE CONTRACT`S EXPIRY. DOLLAR`S GAIN ON FRIDAY AGAINST OTHER CURRENCIES

WEIGHED ON COMMODITIES.   ASIAN MARKETS ARE MIXED AND NIKKEI IS HIGHER

BY 116 POINTS AT THIS TIME DESPITE WIDENING TRADE DEFICIT IN NOVEMBER.

NIFTY FUTURE ON FRIDAY OPENED LOWER AND WAS VOLATILE BETWEEN THE LOW AND HIGH OF 3036 AND

3117 AND CLOSED ALMOST FLAT AT 3076 WITH A GAIN OF 3 POINTS FROM THE PREVIOUS CLOSE.

NIFTY DECEMBER  FUTURE SUPP LEVELS  3027,2950 RESIST 3155,3275.  NIFTY FUTURE WILL BE

VOLATILEAHEAD OF SETTLEMENT AND PROFIT BOOKING IS SEEN AT HIGHER LEVELS. HOLD

LONG POSITIONS WITH SL BELOW 3020 FOR THE DAY AND EXIT LONG POSITIONS AT

RESISTANCE LEVELS TO RE ENTER AT LOWER LEVELS.DESPITE ALL THE POSITIVE NEWS ON

INFLATION AND INTEREST RATES NIFTY MAY STRUGGLE AT HIGHER LEVELS.  OUT LOOK FOR

THE NEXT MONTH IS STILL NOT ROSY AND WE SHALL ADVISE ABOUT IT LATER.