Market Outlook and Trading Calls for 23Aug07

Nifty: 4153.15 +78.25 Points Sensex: 14248.66 +259.55 Points

FII Activity:
Cash Segment: 636.19 crores net sellers
Index Futures: 656.34 crores net buyers
Stock futures: 447.42 crores net buyers

Advance Decline ratio: 493:637

Outlook for 23Aug07:
Markets are set for a strong opening today. The easing of the political uncertainty and the strong bounce back in the global markets will help our markets to open in the positive and possibly with a gap. It is still advisable to short the markets at all higher levels. For today, the Nifty should find resistance at 4190-4240-4265 and should take support at 4100-4060-3995.

Futures Trading Calls:

Buy Prajay Industries if sustains above 184.50 for target 190.50 and 205.

Sell Patni Computers at current levels with stop loss 455 for target 400.

Cash Market Calls:

No calls today.

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.