Market Outlook and Trading Calls for 26Jul07

Nifty: 4588.70 -32.05 Points Sensex: 15699.33 -95.59 Points

FII Activity:
Cash Segment: 35.47 crores net sellers
Index Futures: 480.66 crores net sellers
Stock futures: 1195.53 crores net sellers

Advance Decline ratio: 293:805

Outlook for 25Jul07:
Yesterday was the first sign of bearishness. It is still not advisable to go short. Wait for RBI’s credit policy on 31st July before taking a call on the markets. It is still advisable to stay out of the markets. The Nifty July future is already in premium and the August futures has reduced the discount to 10 points. There will be lot of volatility due to F&O expiry. For today, the Nifty should face resistance at 4602-4620-4670 and should find support at 4555-4522-4502.

Futures Trading Calls:

Buy IDFC if sustains above 134.50 for target 141.
Buy Karnataka Bank if sustains above 200.50 for target 212.

Cash Market Calls:

Buy Masket if sustains above 312 for target 350
Buy NIIT Technologies if sustains above 555 for target 620.

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.