Market Outlook and Trading Calls for 30May07

Nifty: 4293.25 +36.70 Points Sensex: 14508.21 +110.32 Points

FII Activity:
Cash Segment: 697.96 crores net buyers
Index Futures: 49.33 crores net sellers
Stock futures: 401.12 crores net sellers

Advance Decline ratio: 587:470

Outlook for 30May07:
Yesterday the markets closed above the level of 4270 for which we were looking for. Now the markets appear bullish and can go further up. Keep a stop loss of 4240 for your long positions now. Interest is coming back into the capital goods segment. The US markets closed flat with a positive bias. The cause of concern currently is the Chinese markets as they are trading 6% lower today ad the other asian markets are also down more than a percent down. It goes without saying that we will open in the negative. I feel the markets will bounce back from the lows. Technically the markets are not weak at all right now. For today, the Nifty should face resistance at 4300-4320-4340 and should take support at 4275-4255-4240.

Futures Trading Calls:

No calls today.

Cash Calls:

Buy Agro Dutch Industries if sustains above 32 for target 36 and 38.
Buy Excel Crop Care at current levels for target 135 and 150.
Buy Hind Oil Exploration if sustains above 108 for target 123.
Buy Paramount Communications if sustains above 37 for target 43.
Buy Texmaco at current levels for target 1150 with stop loss 1010.

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.