Nifty: 3875.90 +111.35 Points Sensex: 13308.03 +362.15 Points

FII Activity:
Cash Segment: 712.70 crores net buyers
Index Futures: 1848.26 crores net buyers
Stock futures: 134.12 crores net buyers

Advance Decline ratio: 726:309

Outlook for 23Mar07:
Yesterday the markets bounced back to such an extent that everyone was shocked at the up move. Look at the FIIs buy figures yesterday. They no more have any short positions in index futures. The March Nifty future has ended in a premium of 3 basis points. Even the April and May futures are trading at par with spot Nifty prices. If spot Nifty closes above 3800 today then 4000 is sure to come. For today, the possibility of markets rallying higher is thin. It might either end flat or in the negative. The Nifty should face resistance at 3900-3920-3940 and should take support at 3858-3835-3775

Futures Trading Calls:

Buy BHEL at current levels for target 2450. Keep a stop loss of 2180 on closing basis.
Buy HDFC Bank at current levels for target 1080. Keep a stop loss of 975 on closing basis.
Buy Reliance communication if sustains above 332 for target 439.
Buy Tata Motors if sustains above 815 for target 845. Keep a stop loss of 775 on a closing basis.

Cash Calls:

No Calls today.