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INTRADAY CALLS – 29/01/09 – VIJAY

BAD BANK  KEEPS MARKETS RISING

THE U.S. GOVERNMENT`S IDEA OF CREATING A “BAD BANK” MUST HAVE DONE

OUR COMMUNISTS PROUD.  PROMOTING  A BANK TO ACCEPT  THE RISKY (JUNK)

ASSETS HAS CHEERED THE FINANCIAL STOCKS  AND THEY GAINED 13 PERCENT

ON WEDNESDAY AND DOW JONES  OPENED HIGHER AND STAYED ABOVE 8300

FOR MOST OF THE DAY TO TOUCH THE HIGH OF 8405 AND CLOSED AT 8375

GAINING 200 POINTS.   FOMC`S READINESS TO BUY LONGER TERM SECURITIES

TO EASE THE CONDITIONS IN CREDIT MARKETS ADDED TO THE SENTIMENT.

THE FOURTH CONTINUOUS GAIN MAY FACE SOME

RESISTANCE AROUND 8500 AND A CLOSE ABOVE THAT MAY TAKE DOW JONES

TO 9000 LEVELS. ASIAN MARKETS OPENED HIGHER AND NIKKEI HAS LOST

SOME OF ITS GAINS AND IS NOW HIGHER BY 87 POINTS ON WEAKER YEN.

NIFTY FUTURE ON WEDNESDAY  OPENED HIGHER AT 2790,  BRIEFLY SLIPPED

TO 2781 AND RALLIED TO THE HIGH OF 2854 ON SHORT COVERING AND

CLOSED AT 2850  GAINING 85 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

OUR STOCK CALLS WILL RESUME SHORTLY.

NIFTY FUTURE SUPPORT LEVELS 2763,2704 RESIST 2869,2902. WE HAD

ADVISED NOT TO SHORT ABOVE 2800 YESTERDAY. NIFTY FUTURE MAY

OPEN LITTLE HIGHER ON GLOBAL CUES  AND  BEING THE LAST DAY OF

THE SETTLEMENT WE EXPECT SOME VOLATILITY.  BUT  IT MAY FIND SOME

RESISTANCE AROUND 2900 FOR THE DAY. AVOID SHORT IF IT TRADES

ABOVE 2915. AVOID LONG BELOW 2760 FOR THE DAY.

Tags: daily market report, day trading calls, nifty signals

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