Market Outlook and Trading Calls for 23May07

Nifty: 4278.10 +17.20 Points Sensex: 14453.72 +35.12 Points

FII Activity:
Cash Segment: 340.56 crores net buyers
Index Futures: 171.18 crores net buyers
Stock futures: 452.20 crores net sellers

Advance Decline ratio: 448:610

Market Outlook for 23May07:
Yesterday the markets recovered in the last hour of trade to close almost at the day’s high. This might be on account on BTST buying and can help the markets open in the positive today. As expressed couple of days back the bank stocks are tiring and may not go further up for the time being. The biggies like SBI, HDFC Bank and ICICI Bank are looking to consolidate. For today, the indices can open in the positive and might loose momentum in the later session. The US markets closed flat and the Asian markets are trading in the positive. The Nifty should find resistance at 4283-4303-4330 and should take support at 4245-4235-4220.

Futures Trading Calls:

Buy TVS motors if sustains above 67 for target 75.
Buy Voltas if sustains above 100 for target 108.
Buy Sun Pharma at current levels for target 1150.
Buy IFlex if sustains above 2320 for target 2400 and 2480.
Buy Zee Tele if sustains above 319 for target 326.

Cash Calls:

No Calls for today.

Please Note: All calls are for swing trading and should ideally hit the target within 8-10 trading sessions. Any calls other than swing calls will be specifically mentioned.

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.