Nifty: 4170.95 +50.65 Points Sensex: 14127.31 +197.98 Points

FII Activity:
Cash Segment: 245.15 crores net sellers
Index Futures: 408.70 crores net buyers
Stock futures: 221.57 crores net sellers

Advance Decline ratio: 725:340

Outlook for 17May07:
As expected the markets gained momentum in the afternoon session yesterday. Banking and infrastructure stocks are looking extremely bullish. I would still advise to be cautious at these. Nifty level of 4200 was the level I was looking for. If it stretches further it can go up till 4250 and if there is still some steam left after that it can go up till 4315. I think 4250 are the levels to cover long positions and go short in Nifty futures. FII figures are still not very convincing to suggest more up side in this market. For today, the Nifty should face resistance at 4202-4218-4238 and should take support at 4152-4137-4103.

Futures Trading Calls:

Buy IVRCL if sustains above 335 for target 355.
Buy Bombay Dyeing if sustains above 591 for target 610 and 650.
Buy Lanco Infratech if sustains above 171 for target 177 and 185.
Buy PNB at current levels for target 570.
Buy Titan Industries at current levels for target 1110.

Cash Calls:

Buy Torrent Power if sustains above 75.25 for target 82.

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.