Market Outlook and trading calls for 24Aug07

Nifty: 4114.95 -38.20 Points Sensex: 14163.98 -84.68 Points

FII Activity:
Cash Segment: 274.64 crores net buyers
Index Futures: 381.27 crores net buyers
Stock futures: 731.40 crores net buyers

Advance Decline ratio: 349:766

Outlook for 24Aug07:
As markets opened with a gap up and did not sustain those higher levels. There is a good possibility that the reverse might happen today. The markets can open with a gap down and can recover as the day progresses due to short covering. The political uncertainty is causing the down fall and the markets are not taking the cues from the global markets. The global markets have recovered substantially in this week whereas our market has not. The bank stocks are looking weak and if the market opens weak tomorrow it should be led by the bank stocks. If the markets open in the negative it is advisable to cover your short positions and go long till the end of the settlement as the short covering might not allow the markets to fall further. The spot Nifty levels for today are, support at 4075-4040-4000 and resistance at 4140-4180-4220.

Futures Trading Calls:

Sell Petronet LNG if sustains below 57.50 for target 54.50

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.