Nifty: 4079.30 +2.30 Points Sensex: 13781.51 +16.05 Points

FII Activity:
Cash Segment: 300.02 crores net sellers
Index Futures: 601.92 crores net sellers
Stock futures: 455.94 crores net sellers

Advance Decline ratio: 441:615

Outlook for 10May07:
As expected, yesterday the indices opened in the negative and climbed up to close in positive. Even though the pull back seemed significant, look at the FII figures and advance decline ratio. The undertone in the market is still weak. If there is a pull back today or on Friday, use it to exit long positions and if the markets over stretches take it as an opportunity to short sell. The pull back rally can be on account of short covering. The Nifty futures premium of 13 points is not at all comforting. The fed meet yesterday left the rates unchanged as expected and are not expected to touch it till the end of the year. Even though I have a few buy calls, buy them only if you have a lion’s heart else, stay out. For today, the nifty is expected to open in the positive. I am curious to check the close. Bank stocks might lead the rally and the tech stocks are expected to pull it down. Nifty should face resistance at 4105-4136-4163 and should take support at 4052-4037-4017.

Futures Trading Calls:

Buy Bank of India if sustains above 198 for target 205.
Buy Bata if sustains above 165.50 for target 171.50
Buy Federal Bank if sustains above 263 for target 269.
Buy Gujarat Alkalies if sustains above 143 for target 154.
Buy Karnataka Bank if sustains above 180 for target 184.
Buy NDTV if sustains above 367 for target 377.
Buy Suzlon Energy if sustains above 1265 for target 1290.

Cash Calls:

No Calls Today.

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.