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INTRADAY CALLS – 29/09/08

FINALLY, THE BAIL OUT SCHEME RESCUED, WILL IT RESCUE THE ECONOMY?

DOW JONES ON FRIDAY WAS DOWN TO THE LOW OF 10868 IMMEDIATELY AFTER OPENING LOSING 54 POINTS AT THE LOW AND  RECOVERED LATER IN THE DAY ON THE HOPE OF BAILOUT SCHEME AND CLOSED AT 11143, OFF THE DAY`S HIGH OF 11168, GAINING 121 POINTS.  THE MASSIVE FINANCIAL RESCUE PLAN TITLED “EMERGENCY ECONOMIC STABILIZATION ACT OF 2008″  HAS BEEN FINALISED ON SUNDAY, ENDING WEEKS OF UNCERTAINITY ABOUT THE SCHEME.  WHETHER IT WILL END THE UNCERTAINITY IN THE U.S. FINANCIAL MARKET IS A BIG QUESTION. MORE ABOUT THE SCHEME LATER . GDP GROWTH RATE FOR THE SECOND QUARTER AT 2.8%, LOWER THAN THE PREVIOUS  READING WAS THE ONLY ECONOMIC NEWS OF ANY SIGNIFICANCE.. ASIAN MARKETS OPENED HIGHER ON RESCUE PLAN AND NIKKEI IS NOW 54 POINT HIGHER THAN PREVIOUS CLOSE, BUT SIGNIFICANTLY LOWER THAN THE DAY`S HIGH.

NIFTY FUTURE ON THE OPENING DAY OF THE OCTOBER SETTLEMENT OPENED LOWER AT 4109 AND NEVER LOKKED UP THEREAFTER AND DROPPED TO THE LOWEST LEVEL OF THE DAY AT 3980 AND CLOSED VERY NEAR AT 3995 LOSING 155 POINTS FROM PREVIOUS CLOSE.

NIFTY FUTURE SUPP LEVELS 3995,3900 RESIST 4100,4197.  EVEN IF NIFTY OPENS HIGHER IT HAS RESISTANCE AT HIGHER LEVELS AND WE EXPECT NIFTY TO CORRECT FROM SUCH LEVELS.  U.S. BAILOUT MAY TEMPORARILY RECOVER MARKETS, BUT THE IMPACT ON HOUSING AND ECONAMY WILL TAKE LONGER TIME TO BOTTOM OUT.  LOCALLY, NUCLEAR DEAL, INFLATION AND CRUDE PRICE WILL HAVE A BEARING ON THE SHORT TERM. WE ADVISE BOOKING PROFITS AT HIGHER LEVELS AS WE FEEL THE BOTTOM IS STILL NOT REACHED. AS WE HAD ADVISED ON FRIDAY, THE NIFTY IS IN THE WEAK ZONE AND WE WILL ADVISE ANY TURNAROUND AS AND WHEN IT HAPPENS.

STOCK CALLS TOMORROW.

DO NOT AVOID SL AND HEDGING IS THE ONLY WAY TO SUSTAIN THE VOLATILE MARKET.HAVE A GOOD DAY. Replies At This ColoumN OR AT vijay.calls@yahoo.co.in

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