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INTRADAY CALLS – 30/01/09 – VIJAY

ECONOMIC WOES CONTINUE

ON TOP OF 200 POINTS GAIN ON WEDNESDAY, DOW JONES TOOK  A`U` TURN ON

THURSDAY AFTER FOUR DAYS OF GAIN.  DOW JONES OPENED LOWER AND

CONTINUED ITS FALL TILL THE END OF THE DAY TO THE LOWEST LEVEL OF

8137 AND CLOSED NEAR THE LOW AT 8149 LOSING 226 POINTS.  A BATCH OF

POOR ECONOMIC NEWS, AHEAD OF THE OPENING  BELL WAS ENOUGH TO SPOIL THE

PARTY FOR THE BULLS.   DECEMBER DURABLE GOODS ORDER WAS  DECLINED 2.6%

FOR THE FIFTH CONSECUTIVE DECLINE. NEW HOME SALES DECLINED TO 331000

WHICH WAS WAY BELOW EXPECTATION.  INITIAL JOBLESS CLAIMS BEAT

EXPECTATION AT 588000 AND CONTINUING CLAIMS AT 4.78  MILLION IS

THE HIGHEST IN FOUR DECADES. ASIAN MARKETS ARE WEAK AND NIKKEI IS

DOWN BY 266 POINTS AT THIS TIME, ON TUMBLING INDUSTRIAL OUTPUT.

NIFTY FUTURE ON THE LAST DAY OF JANUARY 2009 SETTLEMENT OPENED

HIGHER AS EXPECTED 2871 (OUR RESISTANCE LEVEL 2869) AND REVERSED

FROM 2872 TO  THE LOW OF 2790 AND CLOSED AT 2823 LOSING 27 POINTS.

JANUARY SETTLEMENT WAS IN A RANGE OF 513 POINTS  BETWEEN 2635

AND 3148 AND LOST 94 POINTS FROM THE CLOSE OF THE PREVIOUS

SETTLEMENT.

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 2759,2688 RESIST LEVELS 2852,2870,2902.

NIFTY FUTURE MAY OPEN LOWER ON GLOBAL FOLLOW UP IN THE NEW

SETLEMENT. AVOID LONG BELOW 2755 FOR THE DAY.  THE OUTLOOK FOR

NIFTY FUTURE CONTINUE TO BE WEAK AND  A CLOSE BELOW 2600 MAY

TAKE IT TO NEW LOWS IN THE COMING DAYS.

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