Market Outlook and Trading Calls for 19Jul07

Nifty: 4499.55 +2.80 Points Sensex: 15301.17 +11.35 Points

FII Activity:
Cash Segment: 198.31 crores net buyers
Index Futures: 930.28 crores net sellers
Stock futures: 370.32 crores net sellers

Advance Decline ratio: 434:669

Outlook for 19Jul07:
As expected the markets corrected yesterday, but to everybody’s surprise it recovered very sharply in the last hour of trade to close in positive. I am still not able to understand the reason for the pull back. Some big results like Wipro, DLF and Ranbaxy are expected today. The US markets were also weak yesterday and they also recovered sharply in the last hour of trade to recover half the losses. The Asian markets are trading in positive today and expect our markets to open in positive today. For today, the Nifty should find resistance at 4510-4540-4548 and take support at 4452-4434-4415.

Futures Trading Calls:

Sell JSW Steel at current levels for target 665 and 650.
Sell Bombay Rayon Fashions if sustains below 219.50 for target 213.50

Cash Market Calls:

Buy GTC Industries if sustains above 247 for target 275.

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.