market Outlook and Trading Calls for 17Jul07

Nifty: 4512.15 +7.60 Points Sensex: 15311.22 +38.50 Points

FII Activity:
Cash Segment: 306.53 crores net buyers
Index Futures: 77.13 crores net buyers
Stock futures: 311.12 crores net sellers

Advance Decline ratio: 579:526

Outlook for 17Jul07:
There was not much activity yesterday as it traded in a very narrow range. There is no much cues from the global markets as well. The level of 4535 is a crucial resistance for spot Nifty and expect it to struggle to get past this level for sometime. TCS results were a positive surprise and expect some activity in IT space today. For today, the Nifty should face resistance at 4524-4535 and should take support at 4504-4484-4452.

Futures Trading Calls:

Buy Sun TV if sustains above 1765 for target 1860.

Cash Market Calls:

Buy Bhagyanagar(I) if sustains above 47.50 for target 53.
Buy EID Parry if sustains above 141 for target 147 and 151.
Buy JHS Svendgaard Lab if sustains above 43 for target 50.
Buy NELCO if sustains above 131 for target 155.
Buy Reliance Industrial Infra if closes above 613 for short term target of 700.
Buy Wire and Wireless if sustains above 77 for target 85.
Buy Zuari Inds if sustains above 211 for target 223 and 240.

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.