Market Outlook and Trading Calls for 22Jun07

Nifty: 4267.40 +18.75 Points Sensex: 14499.24 +87.29 Points

FII Activity:
Cash Segment: 144.49 crores net buyers
Index Futures: 31.32 crores net sellers
Stock futures: 212.98 crores net sellers

Advance Decline ratio: 598:477

Outlook for 22Jun07:
The markets are interestingly poised and appears to make a bullish break out very soon. If the spot nifty manages to close above 4255 today then expect new highs in the coming week. Among all, the bank Nifty is looking very interesting. If manages to close above 6575 then expect 6900 very shortly. There has been good buying in the 4300 calls which suggests that the call writers were covering their shorts on fears of market breaching 4300 levels. The US markets managed to close in the positive whereas the Asian markets are not supportive and are trading in the red. There is good possibility that we may open in the red but the point to watch is the close. If nifty recovers to close above 4290 then there is nothing stopping it to hit the new highs. For today, the Nifty should take support at 4245-4220-4200 and should face resistance at 4291-4307-4325.

Futures Trading Calls:

Buy Bank Nifty if it manages to close above 6575 for target 6900.
Buy Canara Bank at current levels for target 270.
Buy century textiles at current levels for target 700.
Buy Hind constructions if sustains above 114.50 for target 120.
Buy JP Associates if manages to close above 720 for target 750.
Buy Kotak Bank if sustains above 645 for target 675 with stop loss 626.
Buy Maharastra seamless at current levels for target 675 with stoploss 635.
Buy MRPL if manages to close above 42.85 for target 45.80
Buy PNB at current levels with stoploss 510 for target 550.
Buy Rajesh exports if sustains above 563 for target 600.
Buy SBI if sustains above 1485 for target 1585.

Sell Aban Offshore at current levels for target 2925.
Sell Educomp if sustains below 2090 for target 1970.
Sell Union Bank if sustains below 126.40 for target 122 and 119.

Cash Market Calls:

Buy Fedders Lloyd if manages to close above 160 for target 202.
Buy Heritage Foods at current levels for target 270 and 300.
Buy India foils if sustains above 8.20 for target 9.30 and 10.00
Buy Sical Logistics if closing above 300 for target 360.

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.