Nifty: 4248.15 +43.25 Points Sensex: 14338.45 +120.34 Points

FII Activity:
Cash Segment: 204.25 crores net sellers
Index Futures: 258.28 crores net sellers
Stock futures: 498.26 crores net sellers

Advance Decline ratio: 597:465

Outlook for 28May07:
On Friday, the markets opened weak and reversed to close with substantial gains. It displayed good amount of strength, BUT do not go and buy just yet. Markets are bullish only if spot Nifty closes above 4270. The trading range for Nifty now is 4260-4140. A close below 4140 is extremely bearish for the markets. It is advisable to stay out of the markets today and watch the proceedings. The US markets closed in positive on Friday and the Asian markets are expected to open strong on Monday. This implies that our markets will open in the positive. I expect the indices to slowly lose momentum and close in the negative. For today, the Nifty should face resistance at 4270-4291-4315 and should take support at 4218-4202-4182.

Futures Trading Calls:

Buy Wipro Ltd if sustains above 550 for target 565 and 585.

Cash Calls:

Buy Assam Company if sustains above 15.20 for target 19.00

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.