Nifty: 4246.20 -31.90 Points Sensex: 14363.26 -90.46 Points

FII Activity:
Cash Segment: 96.58 crores net buyers
Index Futures: 44.74 crores net buyers
Stock futures: 475.24 crores net sellers

Advance Decline ratio: 343:728

Outlook for 24May07:
As expected the markets lost momentum in the later session to close in the negative. The weaker sentiment is expected to continue for today’s first session as well. We can expect some buying in the later half and the indices can bounce back. If the Nifty closes below 4230 it is extremely negative for the markets and can loose another 100-150 points from these levels. Sector wise banking and technology stocks are looking weak. Tech stocks can bounce back in the later half on account of short covering. Real estate stocks should join them in pulling the markets up. For today, the Nifty should take support at 4232-4218-4188 and should face resistance at 4270-4290-4314.

Futures Trading Calls:

Sell Polaris if sustains below 164 for target 160.

Cash Calls:

Buy Nava Bharat Ventures if sustains above 151 for target 165.

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.