Market Outlook and Trading Calls for 11Jul07

Nifty: 4406.05 -13.35 Points Sensex: 15009.88 -35.85 Points

FII Activity:
Cash Segment: 583.02 crores net buyers
Index Futures: 280.75 crores net sellers
Stock futures: 73.96 crores net sellers

Advance Decline ratio: 434:673

Outlook for 11Jul07:
Today is a very important day for the markets as Infosys results are expected and the analysts will be curious to know the guidance they will provide. The global markets are weak and are coinciding with the Infy results. There is possibility that markets might take a U turn today. If it opens weak then can recover from lower levels to end higher or if opens higher can reverse to end lower. Technically the charts of Infosys are looking good and the price is headed towards 2080. For today, the Nifty should take support at 4393-4385-4360-4328 and should face resistance at 4411-4422-4440-4460.

Futures Trading Calls:

Buy RNRL if sustains/closes above 42. It will be in all new territory and can go up to 50 in the short term.

Sell Amtek Auto if sustains below 406 for target 396 and 387.
Sell BEL if sustains below 1800 for target 1765.
Sell HDFC Bank if sustains below 1140 for target 1120.
Sell HPCL if sustains below 260 for target 254 and 244.
Sell Suzlon if sustains below 1430 for target 1390.

Cash Market Calls:

Buy Hind Oil Exploration if sustains above 140 for target 156.
Buy Rohit Ferro Tech if sustains above 39.25 for target 43.

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 fails to sustain above/below the mentioned levels on day 1.

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.