Nifty: 4117.35 -33.50 Points Sensex: 13934.27 -143.94 Points

FII Activity:
Cash Segment: 131.32 crores net sellers
Index Futures: 9.00 crores net buyers
Stock futures: 447.00 crores net sellers

Advance Decline ratio: 419:644

Outlook for 07May07:
It is very important to wait and watch where the markets will end today. Most of the Nifty stocks have shown bearish engulfing pattern at the top. The global markets are trading strongly and we should also open in the positive. The closing level is the one to watch for. If the markets close in positive today then there is some more upside left. If the indicies close in negative today, then Fridays high is the high for some time to come. For today, the Nifty should find resistance at 4141-4166-4187 and should take support at 4095-4070-4046.

Futures Trading Calls:

Buy Colgate if sustains above 400 for target 418.
Buy Gail if sustains above 310 for target 324.
Buy Lanco Infratech if sustains above 177 for target 184 and 195.

Sell Aban Offshore if remains below 2520 for target 2390.
Sell BPCL if remains below 334 for target 315.
Sell L&T if remains below 1695 for target 1630.

Cash Calls:

Buy Himachal Futuristic if sustains above 27.50 for target 30 and 34.
Buy Inox Leisure if sustains above 131 for target 140.
Buy Pritish Nandy Communications if sustains above 66.50 for target 78.
Buy SAL Steel if sustains above 16 for target 19.
Buy Subex Azure if sustains above 655 for target 730.

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.