Market Outlook and Trading Calls for 19Jun07

Nifty: 4147.10 -24.35 Points Sensex: 14080.14 -82.57 Points

FII Activity:
Cash Segment: 88.36 crores net sellers
Index Futures: 646.91 crores net buyers
Stock futures: 57.31 crores net buyers

Advance Decline ratio: 397:678

Outlook for 19Jun07:
The markets are in the habit of taking off the day’s gains or losses in the last 30-45 mins of trade. Yesterday with so many positive cues there was no reason for our markets to close in the negative. This is clearly showing that we are underperforming the global markets. Today there are no global cues available as all the markets are trading flat. In any case it is still not the time to go short as well. Short sell only if spot Nifty closes below 4110 level. At the same time it is bit risky to trade long as well. Buy only if spot Nifty closes above 4200 level. Technology stocks are crucially poised. There can be a big fall from here and at the same time can bounce back big time as well. For today, the Nifty should take support at 4124-4105-4083 and should face resistance at 4170-4200-4220.

Futures Trading Calls:

Buy Praj Industries at current levels with strict stop loss 499 for target 535.
Buy Patni Computers at current levels with strict stop loss 517 for target 535.

Sell Oswal Chem and fert if sustaisn below 37.20 for target 35.20 and 33.50
Sell Bajaj Hindustan at current levels for target 155.

Cash Market Calls:

Buy Petron Engg if sustains above 195 for target 205 and 230.

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.