Nifty: 4066.80 -12.50 Points Sensex: 13771.23 -10.28 Points

FII Activity:
Cash Segment: 153.27 crores net buyers
Index Futures: 82.90 crores net buyers
Stock futures: 135.26 crores net buyers

Advance Decline ratio: 522:536

Outlook for 11May07:
Yesterday is was interesting to see that the markets crashed in the second half. Today also the markets will open in the negative, but I have a strong feeling that it will bounce back in the second half. Nifty level of 4028 is very crucial. If it manages to close below this level for 2 consecutive days then expect 3900 in the nifty charts in the short term. If it holds then expect some buying in the coming week. Most of the Nifty stocks are showing bearish divergence at the bottom. If those stocks hold up to close in positive today then expect buying in the next week.
For today, Nifty should take support at 4046-4028-4007 and should face resistance at 4076-4107-4141.

Futures Trading Calls:

Sell Ashok Leyland at current levels for target 36.50
Sell BEL if sustains below 1630 for target 1575.
Sell Seimens if sustains below 1200 for target 1165.

Cash Calls:
Buy BASF (I) if sustains above 255 for target 275.
Buy Patel Engg if sustains above 415 for target 427 and 447.
Buy Pyramid Retail if sustains above 67.50 for target 73 and 87.

Please Note: All calls are for swing trading and should ideally hit the target within 8-10 trading sessions. Any calls other than swing calls will be specifically mentioned.