Market Outlook and Trading Calls for 24Jul07

Nifty: 4619.35 +53.30 Points Sensex: 15732.20 +166.65 Points

FII Activity:
Cash Segment: 1025.57 crores net buyers
Index Futures: 249.80 crores net buyers
Stock futures: 648.32 crores net sellers

Advance Decline ratio: 508:583

Outlook for 24Jul07:
Yesterday, in spite of weak global markets we continued to make new highs and closed at the all time high levels. The markets are beyond all the technical levels and will be hard to predict how much upside is still left in these markets. I would suggest that being in cash is the best policy currently. If you are in profit, book it and wait for the lower levels to enter again. Today, the global markets are good and we will definitely open in the positive. It looks difficult to hold those levels though. I do not see the markets correcting substantially in July F&O settlement. For today, the Nifty should face resistance at 4650-4680 and should take support at 4590-4573-4550.

Futures Trading Calls:

Buy Mahindra Gesco at current levels for target 650-670-690.

Cash Market Calls:

Buy Action Construction Equipments if sustains above 305 for target 337.

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.