Market Outlook and Trading Calls for 29May07

Nifty: 4256.55 +8.40 Points Sensex: 14397.89 +59.44 Points

FII Activity:
Cash Segment: 180.65 crores net buyers
Index Futures: 346.06 crores net buyers
Stock futures: 263.90 crores net sellers

Advance Decline ratio: 619:452

Outlook for 29May07:
Yesterday the markets lost momentum in the last 30 minutes and came down to close flat. Even though it remained above the 4270 level throughout the day it failed to close above that level. Think to go long in Nifty only if it closes above 4270 the next time. For today, there is no cue available from the global markets as the US and UK markets were closed yesterday on account of memorial day. The Asian markets have a mixed trend today. There is a good possibility that we may open in the positive today. Again, the point to check is, whether it manages to close above 4270. The Nifty should face resistance at 4270-4295-4315 and on the lower side can take support at 4240-4230-4218.

Futures Trading Calls:

Buy BEML at current levels for target 1075.

Sell ABB if sustains below 4410 for target 4250.

Cash Calls:

Buy Unity Infraprojects at current levels of 462 for target 490.

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.