Daily Call - Aug 12 2008

The first Indian individual gold at the Olympics gave the nation a reason to cheer after a long time , specially after those bundles of notes in the Parliament had made us hang our heads in shame though the perpetrators of the crime, who bribed, still roam with an invincible air.



The markets did well to hold on to its opening gains. The appointment of independent directors to the Oil India board also helped the sentiment and the Indices, as ONGC and GAIL climbed higher on expectation that the unlisted oil major would see its IPO in October. The open interest addition in stock futures in the August series so far is the highest since January this year, which indicates that the rally is attracting serious interest. This also makes the markets vulnerable to any serious negative triggers, as unwinding positions could hurt. Keep stop losses and don't lower them. The gap created by the Sensex between 15367 and 15228 could act as support. The IIP numbers will decide which way we move.