Trading Calls for 02Feb07

Nifty: 4137.20 +54.50 Points Sensex: 14267.18 +176.26 Points

FII Activity:
Cash Segment: 241.76 crores net sellers
Index Futures: 418.54 crores net buyers
Stock futures: 88.03 crores net sellers

Advance Decline ratio: 517:496

Outlook for 02Feb 07:
I am still saying markets are looking weak only. Look at the FIIs figures. They are net sellers in yesterdays up move aswell. The markets are going up to come down only. Use all the higher levels to exit long positions. Trade only in small quantities. Yesterdays up move is a short covering move. The advance decline ratio doesnot reflect the gain in the indicies. For today the Nifty should take support at 4114-4100-4070 and on the higher levels it should face resistance at 4144-4164-4203.

Futures Trading Calls:

Think to buy ABB only if it sustains above 3900. Good upmove possible if closes above this level.
Nalco – One more close above 240 it is heading towards 262 levels.

Cash Calls:

Buy BSEL Infra if sustains above 84.50 for target 96.00
Buy ITI Ltd if sustains above 52.50 for target 65.00
Buy Rohit Ferro Tech at current levels for target 46 and 50.

Hold your long positions in (Price in brackets represents stop loss):CNX IT(5495.00), Divis Lab(3075.00), IVRCL(401.00), Jet Airways (720.00), Maharastra Seamless(500.50), Orchid Chem(235.00), 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):
Ultratech Cement(1085.00)

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.