Nifty: 4013.35 +96 Points Sensex: 133695.58 +311.50 Points

FII Activity:
Cash Segment: 307.75 crores net buyers
Index Futures: 1471.80 crores net buyers
Stock futures: 30.69 crores net buyers

Advance Decline ratio: 797:253

Outlook for 17Apr07:
The strength in the global markets combined with the good performance of Infosys and expectations from TCS have taken the Indian markets higher. Now it is time to be cautious again. Nifty may correct a bit after hitting 4065. The open interest in Nifty futures and the call options are coming down. This is a cause for concern in the immediate short term. The private sector bank stocks are looking good. HDFC Bank, ICICI Bank and UTI Bank can do well today. For Today, the Nifty should find resistance at 4034-4047-4065 and should find support at 3954-3914-3884.

Futures Trading Calls:

ACC hit the first target of 780 and is all set for the next target of 850. Buy if sustains above 800.
Buy BEL at current levels. Can go up till 1850.
Buy HDFC Bank at current levels for target 995. Target can hit in intraday.
Ultratech cement is all set to hit the second target of 800. Now above 800 can go up till 880.
Buy VSNL at current levels for target 450.

Cash Calls:

Buy Classic diamonds if sustains above 445 for target 490.
Buy Era Constructions if sustains above 353 for target 370 and 390.
Buy GTC Industries if sustains above 182 for target 195.
Buy Lupin Labs at current levels for target 700. Keep a stoploss of 650.