24th March 09

Markets gapped up yesterday handsomely tracking the Fed's move and continued to rise at 45 degrees throughout the day. On Nifty, as per my blog yesterday, the swing longs should have been booked at 2850 and 2900 yesterday. From 2717 we longed hence this swing call is now closed with around 200 points profit per lot.

For me its still a bullish swing hence no swing shorting yet. We can think of shorting either below 2790 or around 3100 levels with 20 points SL. Nifty looks to gap up today as well tracking yesterday's strong US move but I foresee a dip to 2900 -2920 levels later today or tomorrow here NF can be bought again for the next swing.

In SB I gave out a half-hearted intraday short call which hit a small SL , taught me a an invaluable lesson of not to give in to pressures and give out half hearted calls.

From a swing perspective :

BHEL opened at 1415 straightaway at the opening bell hence the buy call is triggered now with SL 1390.

Infy - shorts at 1330 should have been initiated with SL 1350.

L&T - hasnt broken 570 hence call null and void now.

SAIL - buy call has started rocking with SAIL making a high of 96.95 yesterday. Today at gap up it should go above 97 hence traget met call closed.

SBIN - Achieved target 1 of 1020. Now stage is set for traget 2.

Unitech - Closed at 28, only one point away from my target now.

Relinfra - Old swing call, target achieved of 510 today.

Relcap - This was the most amazing call, achieved swing target in one hour. Gave a call in SB for it and it zooomed.

Todays magic levels
NF = 2865, 2907, 2947, 2982, 3010

Cheers
SH