Market Outlook and Trading Calls for 29Aug07

Nifty: 4320.70 +18.10 Points Sensex: 14919.19 +76.81 Points

FII Activity:
Cash Segment: 390.20 crores net buyers
Index Futures: 143.35 crores net sellers
Stock futures: 14.99 crores net buyers

Advance Decline ratio: 674:432

Outlook for 29Aug07:
The fall I was expecting in yesterday’s trading did not come, but it is definitely there today. The markets will open extremely weak and can recover as the day progresses. Nifty futures can come down up to 4200 in the opening session. The August futures settlement is just 2 days away and this will take the markets up from the lows of the day today. Technically the gap created by Nifty futures has been reduced to insignificant levels. For today, the Nifty should take support at 4300-4240-4218 and should find resistance at 4363-4398-4440.

Futures Trading Calls:

Buy IFlex if sustains above 2060 for target 2100.
Buy Sesa Goa at lower levels with stop loss 1770 for target 1930.

Sell Dena Bank if sustains below 56.10 for target 53.
Sell IPCL at current levels with stop loss 379 for target 360.
Sell MTNL at current levels with stop los 138.50 for target 130.

Cash Market Calls:

Buy Salora International if sustains above 139 for target 151.

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.