Market Outlook and Trading Calls for 29Jun07

Nifty: 4282.00 +18.05 Points Sensex: 14504.57 +73.51 Points

FII Activity:
Cash Segment: 398.11 crores net sellers
Index Futures: 538.35 crores net buyers
Stock futures: 393.42 crores net sellers

Advance Decline ratio: 588:499

Outlook for 29Jun07:
Yesterday, the June F&O series expired and we are starting July series from today onwards. The roll over was better then last month’s roll over. The Nifty July future is trading at a discount of 30 points which is high. Coming to the global markets, the US closed flat after the federal reserve decided not to change the interest rate. This was anticipated by many of the analyists, hence no reaction to the news. The Asian markets today morning is showing mixed trend. This means that we do not have any global cues to follow today morning. We have to trade on our own and traditionally the first day of any F&O series has been good for bulls. Technically the spot Nifty is close to its all time closing high and break and close can take to higher levels. For today, the Nifty should face resistance at 4298-4306-4325 and should take support at 4270-4256-4243.

Futures Trading Calls:

Sell BEL if sustains below 1790 for target 1760.
Sell India Infoline if sustains below 730 for target 715.
Sell Orchid Chem if sustains below 242 for target 234.
Sell Polaris if sustains below 149 for target 145.
Sell Reliance capital if sustains below 1066 for target 1043.
Sell UTI Bank if closes below 571, can take this stock to 530.

Cash Trading Calls:

Buy Eastern Silk Industries if sustains above 302 for target 323.
Buy Mangalam Cement if sustains above 165.50 for target 172 and 180.

Points to Note:
1. All calls are for swing trading and should ideally hit the target within 5-6 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.