Market Outlook and Trading Calls for 02Jul07

Nifty: 4318.30 +36.30 Points Sensex: 14650.51 +145.94 Points

FII Activity:
Cash Segment: 558.59 crores net buyers
Index Futures: 434.85 crores net buyers
Stock futures: 26.19 crores net buyers

Advance Decline ratio: 661:428

Outlook for 01Jul07:
The Nifty close on Friday was the all time high on a closing basis. Technically, there is some more steam left in the markets before we could take a cautious approach ahead of the results season. There is a good possibility that the Nifty can hit 4360 and 4400 in this week. Sensex can go up to 14900-15000 levels. The US markets on Friday were trading in the positive before closing in the negative on the fears of attack on the Glaskow airport. The FTSE closed at its highest point of the day. Technically there is no indications in the Asian markets for a break down. There has been a resurgence in the sugar sector. Banking stocks have more steam left and in technology, Infosys and TCS can bounce back if Infy confirms the news on Capgemini and TCS confirm Capex. For Monday, the Nifty can find resistance at 4325-4352-4363 and should take support at 4306-4280-4257. There is a possibility of gap down opening due to the terror attack in Europe.

Futures Trading Calls:

Buy SRF if sustains above 176.50 for target 185 and 208.
Buy Iflex at current levels for target 2760 with stop loss 2530.
Buy Balrampur Chini if sustains above 78.25 for target 85.
Buy CESC if sustains above 380 for target 388 and 398.
Buy Deccan Aviation if closes above 143.50 for target 149.
Buy Essar Oil if sustains above 57 for target 59.50
Buy Oriental Bank if sustains above 231 for target 240.
Buy Oswal Chem if sustains above 39.75 for target 42.50
Buy Sri Renuka Sugars if sustains above 668 for target 740.
Buy Tata tele services if sustains above 29.20 for target 31.20

Cash Market Calls:

Buy Dhampur Sugars if sustains above 74 for target 84.
Buy Dwarikesh Sugars if sustains above 72 for target 77.50 and 86.
Buy Rajsree Sugar if sustains above 61.50 for target 68.50
Buy Upper Ganges Sugar if sustains above 85.50 for target 95 and 105.

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.