Market Outlook and Trading Calls for 26Jun07

Nifty: 4259.40 +7.35 Points Sensex: 14487.72 +7.35 Points

FII Activity:
Cash Segment: 19.84 crores net buyers
Index Futures: 765.59 crores net sellers
Stock futures: 235.46 crores net sellers

Advance Decline ratio: 547:539

Outlook for 26Jun07:
Yesterday, again the markets did what it used to do the last week. It moved against the day’s trend in the last few minutes of trade to close almost at the day’s highs. Technically, markets will give a good up move only if it closes above 4270. Yesterday the FIIs have sold more than 750 crores of index futures. The global markets are not supportive today. The US markets after opening and trading at higher levels gave up all the gains in the last session to close in negative ahead of new house data expected today. The Asian markets have a mixed trend. Our markets might open sluggishly, but looks like it will gain momentum as the day progresses and close above 4270. For today, the Nifty should take support at 4236-4222-4185 and should face resistance at 4280-4302-4328.

Futures Trading Calls:

One more close for CNX IT below 5170 will take it to 5000.
Sell Hind Unilver if sustains below 186 for target 180.

Cash Market Calls:

Buy JK Lakshmi Cement if sustains above 118 for target 130 and 134.
Buy Maral Overseas if sustains above 17.70 for target 19.25
Buy Shah Alloys if sustains above 94 for target 105 and 116.
Buy Yes Bank if sustains above 174.50 for target 190.

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.