Market views...May 28, wednesday

Markets are not moving more uneasy now. The bounce that is expected is still not fully on. It might be a little difficult to play NIFTY now. Yesterday market bounced from the support at 4040. Markets could open flat today. If it cuts yesterdays' low we will get 4800 today where we will get a good exit for our shorts. From 4800 it should rally somewhat. We will look at exiting shorts today and may even flip long in very small quantities. Some market news....

One major investment bank has shorted 1 crore NIFTY contracts in the JUNE series. This bank is a big player and if he has shorted so much...then its for us to be very cautious in longs...

INTRADAY CALLS
ABB - CMP 1004. BUY on dips..TARGET 1045 SL - 988
CROMPTON GREAVES - CMP 245 BUY target - 253
BOI - CMP 304.75 SHORT below 300 TARGET 294 SL - 307

FOLLOW UP ON YESTERDAY'S CALLS
PNB missed our target by 40 paise :). DLF and VOLTAS gave good profits and SL triggered in SAIL

STOCK WATCH - BHEL

On the verge of breaking an important support...remember this is an index heavyweight as well. If it breaks 1645 today it will go below 1600 in no time...