Outlook for 01Mar07

Nifty: 3745.30 -148.60 Points
Sensex: 12938.09 -540.74 Points

FII Activity:

Cash Segment: 1931.68 crores net sellers
Index Futures: 395.51 crores net sellers
Stock futures: 343.80 crores net buyers
Advance Decline ratio: 144:884

Outlook for 01Mar07:

As expected the markets have touched the lows that I expected. It is expected to open weak today but will definitely bounce back. Most of the stocks have made a gap down yesterday and will bounce back to cover those gaps. However, the short term outlook still looks weak. Believe me, I am looking at 3610 and below that 3420 for the Nifty. You can see the selling FIIs have made in delivery. Close to 2000 crores yesterday. Those are the opportunities one should buy for long term. For today the Nifty should take support at 3720-3660-3616 and should face resistance at 3776-3835-3911.

Futures Trading Calls:

Sell BEL if remains below 1495.00 for target 1350.00

Cash Calls:

Buy SSI Ltd if sustains above 185 for target 198 and above.