How will market span out today? May 07

We are on a downtrend. Global cues today are slightly encouraging. We may have a positive start and rally upto 5200 possibly...one more lower close will confirm intermediate downtrend. See my earlier post for probable targets. Our picks

POSITIONAL
TATA STEEL - BUY for 850+ (note: we are long since 811 yesterday)

INTRADAY
JP Associates - SHORT Targets - 267, 260
TATA CHEMICALS - SHORT Target 340

STOCK WATCH
CHAMBAL FERTILIZER - Ascending triangle on charts...break above 75.8

Follow up on yesterdays' calls
Both suzlon and JP did not come to our BUY prices. No positions here. Positional longs inititated in TTML.

PNB met our targets perfectly yesterday and yielded good profits.