Trading Calls for 29Jan07

Nifty: 4147.70 +57.80 Points Sensex: 14282.72 +172.26 Points

FII Activity:
Cash Segment: 217.86 crores net buyers
Index Futures: 270.25 crores net sellers
Stock futures: 143.69 crores net sellers

Advance Decline ratio: 582:421

Outlook for 29 Jan 07:
Today will be the first day of new contract month and the momentum is on the upper side. The opening will be positive. The worrying factor is the continuous selling seen by FIIs in the stock futures. Use all the higher levels to exit longs only. Donot build huge positions at these levels. Buy in small quantities only. Steel stocks are looking hot.

Futures Trading Calls:

Buy Escorts if sustains above 121.50 for target 134 with stoploss 111
Buy HPCL above 326 with stoploss 308
Buy Jindal Steel and Power above 2375
Buy Tata steel if sustains above 523 for target 536

Cash Calls:

Buy Escorts if sustains above 120 for target 134 with stoploss 111
Buy Jindal Steel and Power if sustains above 2352
Buy Tata steel if sustains above 517 for target 532

Hold your long positions in (Price in brackets represents stop loss):
CNX IT(5495.00), Nifty Futures(4064.00), Divis Lab, IVRCL(390.00), Jet Airways (720.00), Maharastra Seamless(500.50), Orchid Chem(202.00), Polaris(206.00), REL(499.00), Relaince Industires(1355.00), TCS(1258.00) and Wipro(609.00).

Hold your short positions in (Price in brackets represents stoploss):
GNFC(108.00) and Ultratech Cement(1125.00)

Pease note that if no prices are mentioned in brackets then there is no stop loss reqiured currently. Stop losses would be provided at appropiate levels. Keep checking the stoplosses. It is updated everyday.

Disclaimer: The recommendations provided would be purely on my personal opinion and doesnot reflect any fund house interest or my personal holdings. I would not be responsible for the loss in trades undertaken based on my recommendations.