Market Outlook and Trading Calls for 15Jun07

Nifty: 4170.00 +56.95 Points Sensex: 14203.72 +200.69 Points

FII Activity:
Cash Segment: 34.13 crores net buyers
Index Futures: 428.50 crores net buyers
Stock futures: 115.09 crores net buyers

Advance Decline ratio: 811:257

Outlook for 15Jun07:
The markets made good gains yesterday and might continue to do so today in the first half as well. The global markets are strong and have gains of more then 0.5% in all the major markets. The FIIs have covered almost 500 crores out of 5000 crores short positions built in index futures. Technically the markets held out the important level of 4140 for three days then broke down to take support at 4110 which was the 50 days moving average and bounced back. This is a good sign and can assume that there will not be much down side left. At the same time, if the spot Nifty closes below 4110 it can come down till 3900. For today, the Nifty should face resistance at 4188-4198-4217 and should take support at 4150-41404127.

Futures Trading Calls:

Buy Infosys at current levels for target 2045 and 2100.
Buy GTL at current levels for target 240.
Buy Petronet LNG if sustains above 56.50 for target 59.25
Buy Relaince Capital if sustains above 1025 for target 1080.

Cash Market Calls:

No Calls today.

Points to Note:
1. 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.
2. The calls provided on day 0 holds good for the next 2-3 trading sessions if sustains above/below the mentioned levels.

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.