Nifty: 4111.15 -6.20 Points Sensex: 13879.25 -55.02 Points

FII Activity:
Cash Segment: 74.57 crores net buyers
Index Futures: 42.65 crores net sellers
Stock futures: 97.53 crores net sellers

Advance Decline ratio: 432:626

Outlook for 08May07:
Yesterday the markets closing in the negative was not a very comfortable for me. From now on every rise is an opportunity to sell. Today the markets might bounce back, but the time is not ripe to buy yet. The new high seems to be a rare possibility now. I suggest to exit long positions at all higher levels. The results reason is close to its end and there is no major news coming up in the near future. The bearish engulfing pattern made on Friday was confirmed by the negative close on Monday which indicates weakness at these levels. I will not be surprised if the Nifty tests 3900 levels in this month. The pull back rally in cement stock seems to be ending and the charts are looking down again. For today, The Nifty should face resistance on 4134-4167-4196 and should take support at 4100-4083-4058.

Futures Trading Calls:

Sell GMR Infra if remains below 426 for target 410.
Sell ICICI Bank at current levels for target 808.
Sell JP Associates if remains below 610 for target 585.
Sell McDowell if remains below 865 for target 845.
Sell Nagarjuna Fertilizers if remains below 20 for target 18.80

Cash Calls:

Buy Crest Animation if sustains above 117 for target 130.
Buy Ispat Industries if sustains above 18.25 for target 24.75
Buy RCF at current levels for target 46.

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.