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INTRADAY CALLS – 27/11/08 – VIJAY

GOVERNMENT SHOULD BAIL OUT THE COUNTRY FROM TERRORISM

AND THE MARKETS WILL TAKE CARE OF ITSELF

 

DOW JONES GAINED FOR THE FOURTH DAY DESPITE THE FLOW OF WEAK ECONOMIC DATA ON PERSONAL SPENDING, NEW HOME SALES, UNEMPLOYMENT CLAIMS AND DURABLE GOODS ORDERS. DOW OPENED  LOWER AND WENT DOWN BY 168 POINTS AT 8311 AND GRADUALLY RECOVERED TO CLOSE AT THE DAY`S HIGH AT 8726 GAINING 247 POINTS. THE BAIL OUT PACKAGE TO CITI BANK AND $600 BILLION PLAN TO SUPPORT HOUSING SAVED THE DAY FOR THE BULLS. ASIAN MARKETS ARE UP ON CHINA`S AGGRESIVE RATE CUTS AND NIKKEI IS UP BY 198 POINTS AT THIS TIME.

NIFTY FUTURE OPENED HIGHER AT 2680, TWICE TOUCHED THE LOW OF 2651 AND RALLIED TO 2780 ON SHORT COVERING AHEAD OF THE SETTLEMENT AND CLOSED AT 2760 GAINING 117 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

NIFTY FUTURE SUPP LEVELS 2643,2580 RESIST 2760,2815, 2890. AVOID SHORT FOR THE DAY ABOVE 2760 AND NO LONG BELOW 2640. NIFTY FUTURE MAY OPEN LOWER ON COWARDLY TERROR ATTACKS ON MUMBAI AND THE EXTENT OF THE ATTACK ONCE IT UNFOLDS MAY WEIGH ON THE MARKETS IN THE SHORT TERM. WE ADVISE CAUTION AT HIGHER LEVELS.  IT HAS BECOME RITUAL TO OFFER CONDOLENCES AFTER EVERY SUCH ATTACK AND THE BLATANT TRUTH IS WE DONT HAVE A DEFINITE PLAN TO PREVENT SUCH ATTACKS IN FUTURE ALSO.

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