Nifty: 4260.90 +46.40 Points Sensex: 14418.60 +115.19 Points

FII Activity:
Cash Segment: 182.66 crores net buyers
Index Futures: 430.39 crores net buyers
Stock futures: 206.44 crores net sellers

Advance Decline ratio: 594:480

Outlook for 22May07:
Yesterday the markets shot up thanks to the Reliance pack. All Reliance company stocks went up big time which helped the indices to scale higher. Today also the markets will open in the positive and we have to wait and watch where it closes. The global markets have a mixed trend. The US markets ended fat and the Asian markets are trading in the positive. I have a feeing that the technology stocks will bounce back today. Still caution is advised at all higher levels. For today, the Nifty should find resistance at 4280-4294-4315 and should take support at 4240-4220-4192.

Futures Trading Calls:

Buy Bombay Rayon Fashions if sustains above 251 for target 270.
Buy Sterlite Opticals at current levels for target 230.
Buy Corporation Bank if sustains above 348 for target 365 and 375.

Sell Jindal Steel and Power if remains below 3099 for target 2910.
Sell Sesa Goa if remains below 1670 for target 1630.

Cash Calls:

Buy Avaya Global if sustains above 314 for target 344.
Buy Subhash Projects if sustains above 201 for target 216 and 229.

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.