TRADING CALL FOR DECEMBER 30

BUY RELIANCE INFRA CMP RS.569

FOR SHORT TERM DELIVERY TARGET OF

RS.620 , SL RS.535.

TRADING CALL AT 2.30 PM IST DECEMBER 29

BUY ROLTA CMP RS. 109.10 FOR

SHORT TERM DELIVERY TARGET OF RS.122

MARKETS AT 2.38 PM

SENSEX AT 9484 , 155 POINTS UP,

NIFTY AT 2904 , 47 POINTS UP.

DEC 29 MONDAY

Sell BHEL Futures at CMP Rs 1301 ,

for short term delivery target Rs 1200.

TRADING CALL FOR DECEMBER 26

BUY BANK OF INDIA CMP RS.284

FOR SHORT TERM DELIVERY TARGET

RS.305.

TECHNICALS FOR DECEMBER 24

MCX FEB COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS : 142, 140.20, 138

RESISTANCES : 145, 147.30, 149.60

STAY SHORT AT RESISTANCES

TRADING CALL FOR DECEMBER 23

SHORT CROMPTON GREAVES LTD @ RS.135

FOR A TARGET PRICE OF RS.125AND SL

RS.140.

TRADING CALL FOR THE DAY

Buy Maruti CMP Rs 549

Stop Loss Rs 535

Target Rs 578.

Trading Call on Dec 19 Friday

Sell ACC at CMP Rs 507

Stop loss Rs 520

For short term delivery target of Rs 482.

TRADING CALLFOR DECEMBER 18

SELL TATA POWER CMP RS.704,

SLRS.735,FOR SHORT TERM DELIVERY

TARGET RS.670.

TRADING CALL FOR DECEMBER 17

BUY TITAN INDUSTRIES CMP RS.924 FOR

SHORT TERM DELIVERY TARGET RS.980.

TRADING CALL FOR DECEMBER 15

BUY ABAN OFFSHORE FOR SHORT TERM

DELIVERY TARGET RS.850.

TECHNICAL LEVELS FOR NYMEX TRADING

DECEMBER 12

MCX MARCH SILVER

SHORT TERM : BULLISH

LONG TERM : BEARISH

SUPPORTS ; 16910, 16760, 16410

RESISTANCES : 17180,, 17310, 17680

WAIT FOR CONFIRMATION

TRADING CALL FOR DECEMBER 12

SELL RANBAXY CMP RS.210, FOR

SHORT TERM TARGET OF RS.195,

SL RS.221.

TRADING CALL FOR DECEMBER 11

BUY NTPC CMPM RS.169 FOR MEDIUM

TERM TARGET FOR DELIVERY OF RS.190.

TRADING CALL AT 12 NOON DECEMBER 10

BUY NIFTY 2900 CA CMP RS.99 - 100,

SL RS. 90 , TARGET 120 - 125.

DEC 10 WEDNESDAY

TRADING CALL FOR THE DAY

Buy Tata Power above Rs 705 , which could see the

stock touching the levels of Rs 740 in the near term.

Dec 8 Monday

Trading call
Buy Praj industries with Stop Loss Rs 52

For short term delivery target Rs 66 to 70.

Markets at 1.44 PM

Sensex at 9408 , 443 points up.

Nifty at 2855 , 139 points up.

DEC 8 MONDAY

Trading call for the day

1. Buy Adlabs at CMP Rs 168

For short term delivery

Target Rs 185.

DEC 5 FRIDAY

Trading call

1. Buy Reiance Infrastructure CMP Rs 546

for short term delivery

Target Rs 580.

TRADING CALL FOR DECEMBER 4

BUY CESC FOR SHORT TERM DELIVERY

TARGET RS.253.

A BOUNCE BACK IS EXPECTED,AT LEAST

EARLY ON DUE TO OVERNIGHT RALLY IN US

SHARES AND FIRM ASIAN MARKETS.

DEC 3 WEDNESDAY

Trading call for the day

1. Buy Bharati Airtel CMP Rs 671

For short term delivery

Target Rs 705.

DEC 2 TUESDAY

Trading call on Dec 2 Tuesday

Sell Bank of Baroda Futures CMP Rs 246 for

short term delivery .

Target of Rs 230

Stop loss Rs 256.

Markets will tumble at start.

MARKET UPDATE FOR DECEMBER 1

Weak European markets, fall in US index futures and dismal

economicdata which added to the concerns about the weakening

domestic andglobal economy pulled the domestic bourses to

intraday low in latetrade. The BSE 30-share Sensex lost

252.85 points, or 2.78%,shedding 486.81 points from the

day's high. The market reversedearlier strong gains in the

second half of the trading session. Volatility was high. After

an initial surge triggered by areshuffle of key government

posts on Sunday, 30 November 2008, themarket pared gains

in mid-morning trade as a survey showed fall inIndia's

manufacturing output in the month just gone by. The market

firmed up again in early afternoon trade but it shortly pared

gains. From that low, the market once again firm up in

afternoontrade.

Data showing fall in exports in October 2008, weak European

marketsand a further fall in US index futures pulled the

domestic bourseslower in mid-afternoon trade. The Sensex

swung 523.34 pointsbetween the day's high and low. Exports

fell an annual 12.1% in October 2008 to $12.82 billion, the
\
first year-on-year fall in nearly three years, as slowing output at

home and weakening economies in key overseas markets slashed

demand. The data hit the market at about 14:20 IST. Meanwhile,

a survey showed India's manufacturing output shrank forthe

first time in 3-1/2 years in November 2008 as credit conditions

tightened and the global financial crisis hurt sentiment and

reduced demand. The ABN AMRO Bank purchasing managers'

index (PMI),based on a survey of 500 companies, fell sharply to

a seasonallyadjusted 45.8 in November 2008, the first time it

has contractedsince the survey began in April 2005 and well

below October 2008's52.2.

A reading above 50 signals economic expansion while a figure

below50 suggests contraction. Trading in US index futures

indicated the Dow could fall 158 pointsat the opening bell

on grim manufacturing figures from China.China's manufacturing

industry slumped in November 2008 as neworders, especially

from abroad, tumbled in the face of deepeningeconomic gloom

and financial uncertainty, two separate surveys onMonday, 1

December 2008, showed. Asian markets were mixed. Japan's

Nikkei average fell 1.35% asglobal recession fears prompted

investors to book profits afterlast week's rally, with exporters

such as Toyota Motor Corpslipping on a firmer yen. Key

benchmark indices in South korea andSingapore were down

by between 1.58% to 1.62%. But key benchmarkindices in

China, Hong Kong and Taiwan were up by between 1.25%

to1.59%.

TRADING CALL ON NOVEMBER 28 AT 12 NOON

BUY DCHL AT CMP RS.45 FOR SHORT TERM

DELIVERY TARGET RS.52, SL RS..41.50

TRADING CALL FOR NOVEMBER 21

BUY UNION BANK CMP RS.147 FOR

SHORT TERM DELIVERY TARGET RS. 170.

MARKET UPDATE FOR NOVEMBER 20


Weak global markets pulled the domestic bourses down for the

seventh consecutive trading session. It was a choppy trading

session with wild swing in share prices. The BSE 30-share Sensex

lost 322.77 points, or 3.68%. World stocks fell on worries of a

deep global recession and fears that there could be another wave

inthe global credit crisis. Selling by foreign funds pulled the

domestic bourses lower. As perthe provisional data released

by the stock exchanges after tradinghours, foreign

institutional investors (FIIs) today, 20 November2008, sold

shares worth a net Rs 762.94 crore. FIIs are dumping

stocks in Indian and other emerging markets to shore up resources

to beat the global liquidity crunch. FII outflow reached Rs52,820.80


crore in calendar 2008, so far, till 19 November 2008, as

against an inflow of a huge Rs 71,440.10 crore in the

correspondingperiod last year. Volatility was high. The marke

t cut losses in the last 20 minutesof trade as bank shares

recovered on rate cut hopes. Earlier, anintraday recovery

from a steep slide had proved short lived. A further fall in

inflation has raised hopes the central bank willcut interest

rates further to shield the domestic economy from theglobal

economic slowdown. Lower interest rates boost stocks as

lower borrowing costs help lift corporate profits. Inflation based

on the wholesale price index rose 8.90% in the 12 months to 8

November 2008, marginally below the previous week's

annual rise of8.98%, data released by government data at

about 12:00 IST showed.Inflation has been softening since

peaking at 12.91% on 2 August2008. The RBI has aggressively

cut rates over the past two months. Therepo rate has been cut

by 150 basis points to 7.5% since Octoberthis year and the

cash reserve ratio, the proportion of depositsthat banks have

to keep with the central bank, has been reduced by350 basis

points to 5.5%. In response, government owned bankslowered

prime lending rates by up 75 basis points, but largeprivate

lenders like ICICI Bank and HDFC Bank are yet to do so. European

stocks fell, led lower by pharmaceuticals, banks and

commodities stocks, as investors remained nervous due

to theprospect of a prolonged global economic downturn.

The key benchmarkindices in France, Germany and UK

were down by between 1.23% to1.88%. Trading in US futures

suggested Dow could fall 47 points atthe opening bell. Asian

shares tumbled as economic data indicated a global recession

could get even uglier. In Japan the Nikkei 225 average slumped

nearly 7% as exports registered a biggest annual decline in

sevenyears in October 2008, the latest data showed. Key

benchmarkindices in Hong Kong, South Korea, Singapore,

China and Taiwan weredown by between 1.67% to 6.7%.

Federal Reserve officials on Wednesday, 19 November 2008,

paredtheir outlook for growth in the world's biggest economy

to minimallevels. The weaker forecast came on a day in which

data showed USconsumer prices in October 2008 posted their

biggest drop sincemonthly records began in 1947, while

new-home buildings slumped tofresh lows. US stocks plunged

to their lowest in five-and-a-half years onWednesday, 19

November 2008, as investors girded for a lengthyeconomic

downturn and automotive executives predicted afar-reaching

calamity without a government lifeline. The Dow Jonesindustrial

average tumbled 427.47 points, or 5.07%, to 7,997.28.The

Standard & Poor's 500 Index fell 52.54 points, or 6.12%, to806.58.

The Nasdaq Composite Index lost 96.85 points, or 6.53%, to1,386.42.

Turmoil in the US commercial real estate market deepened on

Wednesday as securities backed by loans on commercial properties

such as office buildings fell in value. Citigroup shares tumbled to

a 13-year low as investors questioned survival prospects onconcerns

about mounting losses from credit cards, mortgages and

toxic debt. The BSE 30-share Sensex was down 322.77 points, or

3.68%, to8,451.01. At the day's high of 8,540.46 hit in late trade,

theSensex fell 233.32 points. The Sensex lost 457.38 points at

theday's low of 8,316.39 in early afternoon trade. The S&P CNX Nifty

was down 81.85 points, or 3.11%, to 2,553.15. Fears of a global

recession, slowdown in the domestic economy andselling by

foreign funds have pulled the Sensex down 2,085.15points or

19.79% in the last seven trading sessions from 10,536.16on 10

November 2008. The barometer index is down 11,835.98 points

or 58.34% in the calendar year 2008 so far from its close of20,286.99

on 31 December 2007. It is 12,755.76 points or 60.14%below its

all-time high of 21,206.77 struck on 10 January 2008. The BSE

clocked a turnover of Rs 2,893 crore today as compared to a

turnover of Rs 3,545.97 crore on 19 November 2008. Nifty

November 2008 futures were at 2574, at a premium of 20.85

points as compared to the spot closing of 2553.15. Turnover in

NSE's futures & options (F&O) segment was Rs 37,983.83

crore, whichwas lower than Rs 41,656.37 crore on Wednesday,

19 November 2008. The market breadth, indicating the overall

health of the market,was weak. On BSE, 594 shares rose as

compared with 1,899 thatdeclined. 68 shares remained unchanged.

The BSE Mid-Cap index down 3.42% to 2,895.79 and The BSE

Small-Capindex down 3.09% to 3,385.34. Both the indices


outperformed theSensex. The BSE Realty index

(down 8.3% to 1,679.06), the BSE ConsumerDurables index


(down 4.95% to 1,763.93), the BSE Oil & Gas index

(down 4.64% to 5,252.01), the BSE Bankex (down 4.32% to 4,398.29),

the BSE Metal index (down 4.18% to 4,250.39), the BSE Auto

index(down 4.14% to 2,252.97) underperformed the Sesex.

The BSE FMCG index (down 0.51% to 1,856.56), the BSE Health


Careindex (down 1.44% to 2,764.43), the BSE PSU index

(down 1.91% to4,368.94), the BSE Power index (down 2.24% to

1,495.70), the BSE ITindex (down 2.77% to 2,343.84), the BSE

Capital Goods index (down2.93% to 6,209.38), the BSE Teck

index (down 3.49% to 1,831.93)underperformed the Sensex.

Reliance Infrastructure (down 6.7% to Rs 425.35), Jaiprakash

Associates (down 6.66% to Rs 59.55), Tata Power Company


(down 6.39%to Rs 633.90) were the major losers from

the Sensex pack. NTPC (up 1.54% to Rs 138.10), Ranbaxy

Laboratories (up 0.79% to Rs218.10) and Hindustan Unilever

(up 0.32% to Rs 234.30) were themajor gainers from the

Sensex pack. State Bank of India (SBI) led recovery in banking

pivotals on hopesa further fall in interest rates may boost lending

growth. SBI roserose 1.21% to Rs 1,092.55, recovering from

the session's low of Rs1025. Though down 7.87% to Rs 320.35,

India's largest privatesector bank by net profit ICICI Bank, recovered

sharply from theday's low of Rs 308.50. ICICI Bank's ADR

lost 13.63% on Wednesday,19 November 2008. India's second

largest private sector bank by netprofit HDFC Bank slipped 7.3%

as ADR slumped 10.14% on Wednesday. India's largest home loan

lender by operating income HDFC fell5.59% on fears Citigroup

may sell its stake in the company tooffset its sub-prime related

losses. India's largest private sector company by market

capitalization andoil refiner Reliance Industries (RIL) slipped

6.58% to Rs 1,058.60on concerns a global slowdown would hit

demand for petrochemicals. Oil exploration firms fell on falling

crude oil prices. India'slargest oil exploration firm by revenue

ONGC fell 0.33%. CairnIndia slipped 5.37% on reports the

union cabinet has rejected anoil ministry proposal to award a

deepwater block off the west coastto the company. Oil price

s dropped for a fifth straight session to below $53 abarrel. Oil

on Wednesday, 19 November 2008, fell to its lowestsettlement

since late January 2007 as investors expect a sharpslowdown

in demand for a commodity that just in July this year hita

record high at about $147 a barrel. Real estate stocks declined

after real estate body, Confederationof Real Estate Developers'

Associations of India (CREDAI) askedrealty firms to lower prices

given the general slowdown in theeconomy. Unitech, Indiabulls

Real Estate, DLF, Housing Development& Infrastructure, and

Omaxe were down by 5% to 11%. Sobha Developers dropped

1.12%, as reports of the realty firmcutting property prices raised

concerns of fall in margins. Metal stocks declined as worries that

global economic slowdown willhit demand offset imposition of

5% import duty on steel by thegovernment on 18 November

2008 to protect the domestic industry.Hindalco Industries,


Sterlite Industries, Tata Steel, Jindal Steel,JSW Steel, National

aluminum Company fell by between 0.4% to 7.96%. Steel

Authority of India slipped 0.51% on reports it may considercut


in production due to the global economic slowdown. Hindustan

Copper declined 10.03% on reports it expects 10% fall in

production in the year ending March 2009 IT stocks slipped on

mounting worries about the US economy afterthe Federal Reserve

slashed its growth forecasts for the economy.India's second

largest IT exporter by sales Infosys slipped 3.82%,as ADR

fell 1.23% on Wednesday. India's fourth largest IT exporter

by sales Wipro lost 1.33% as ADR lost 7.25% on Wednesday. India's

third largest IT exporter by sales Satyam Computer Services lost

0.02% as ADR fell 6.09% overnight. India's largest IT exporter

by sales Tata Consultancy Services wasdown 2.36% despite reports

it has emerged the lowest bidder for ane-governance contract to

computerise Employee State InsuranceCorporation and provide

smart cards, beating Wipro and Infosys. TCSbid at Rs 1677 crore,

suggest reports. Indian IT firms derive a lion's share of revenue

from exports toUS. The Indian rupee recovered from a record

low of 50.60 perdollar reached in early trade on Thursday, helped

by heavy dollarselling by the central bank. The partially convertible

rupee was at50.00/02 per dollar, off a high of 49.94, and little

changed fromits close of 50.02/03 on Wednesday. A stronger

rupee affects theoperating margins, as IT firms earn most of

their revenues fromexports. Auto stocks fell on a worsening

global economic outlook anddeclining domestic demand due to

high interest rates and higherfuel prices. Maruti Suzuki India,

Mahindra & Mahindra, Hero HondaMotors, Tata Motors slipped

by between 0.64% to 6.52%. Capital goods stocks slumped on

worries global economic slowdownwould crimp orders. Larsen &

Toubro, Bharat Heavy Electricals andSuzlon Energy fell by

between 2.72% to 3.46%. Cement stocks were mixed despite

slowdown in cement demand. Ambujacements, Grasim Industries

fell by between 1.27% to 3.61%. However,Ultratech Cement,


ACC rose by between 1.55% to 1.58%. The 205 million-tonne


domestic cement industry has seen the lowestdespatch growth

rate in the last four years. During April-October2008, the

despatches growth stood at 6.27% against 8.7% during the

same period last year. Telecom firms slipped amid a controversy

regarding the award of 2Gtelecom licenses. Bharti Airtel, reliance

Communications and IdeaCellular fell by between 3.44% to

7.92%. The controversy centres onaward of 2G telecom licenses

for a total of Rs 9000 crore on 10January 2008. It has been alleged

that this amounted to severeunderpricing, causing a loss of

almost Rs 51000 crore to theexchequer. FMCG stocks edged


higher on defensive buying as investors find asafe haven in

these stocks in slowing economy. Britannia India,Hindustan

Unilever, Nestle India and REI Agro rose by between 0.06%to

0.32%. While, India's largest cigarette maker by sales ITC fel

l0.33%. GVK Power & Infrastructure clocked the highest

volume of 1.78 croreshares on BSE. Suzlon Energy


(89.04 lakh shares), ReliancePetroleum (86.83 lakh shares), Reliance

Natural Resources (72.29lakh shares) and Housing

Development & Infrastructure (70.31 lakhshares) were the other

volume toppers in that order. Reliance Industries clocked the

highest turnover of Rs 293.78 croreon BSE. Reliance

Capital (Rs 154.88 crore), State Bank of India (Rs29.44 crore),

Educomp Solutions (Rs 128.72 crore) and ICICI Bank(Rs 124.97 crore)

were the other turnover toppers in that order. Cummins India

tumbled 3.96% after the board approved sale of itspower

generation rental business. Asian Paints plunged 4.72% on

shutting phthalic anhydride plant inGujarat due to inventory

build up and for maintenance. Wockhardt slipped 1.38% on

reports US drug major Eli Lilly has suedthe company for

patent infringement on antidepressant drug.

NOV 19 TUESDAY

Trading call for the day

1.Sell Siemens CMP Rs 282 for short term delivery

Target Rs 257

2.Buy Educomp CMP Rs 2369

For short term delivery

Target Rs 2600

Markets at 1.45 PM Sensex at 9090

Down 200 points.

Nifty at 2739 , down 60 points.

NOV 12 WEDNESDAY

1.Sell IVRCL infrastructure Futures at CMP Rs 139

For short term delivery

Target Rs 125

Stop loss Rs 146.

PRE MARKETOPENING FOR 11 NOVEMBER

TRADING CALL

SELL RENUKA SUGARS CMP RS.67 FOR

SHORT TERM DELIVERY TARGET RS.60.

Key benchmark indices are likely to open lower tracking

weak global cues. Moreover India's exports declined in

October 2008, for the first time in five years, due to the

global slowdown. For the first time in the last five years, in

October 2008, there has been a decline of over 15% in exports

in dollar terms, the Director General of Foreign Trade R S Gujral

said on Monday, 10 November 2008. Barring the export of the

petroleum products, there has been a decline of over 20%. Growth

in April-October 2008 has been 21.5%, down from 30.9% for the

April-September 2008 period. The final export figures for October

2008 will be released in the first week of December 2008. US light,

sweet crude for December 2008 delivery fell $1.91 or 3% to $60.50

a barrel today, 11 November 2008 as a firmer dollar and

renewed gloom over the global economy. Asian markets were

trading lower today, 11 November 2008. China's Shanghai Composite

was down 0.53% or 10 points at 1,864.81, Hong Kong's Hang Seng

declined 2.89% or 426.38 points at 14,318.25, Japan's Nikkei plunged

3.30% or 299.98 points at 8,781.45, Singapore's Straits Times fell

2.34% or 44.18 points at 1,840.84, South Korea's Seoul Composite

lost 1.87% or 21.55 points at 1,130.91 and Taiwan's Taiwan Weighted

tumbled 2.71% or 128.23 points at 4,612.04.

TRADING CALL FOR NOVEMBER 10

BUY GMR INFRA CMP RS.67 FOR SHORT

TERM DELIVERY TARGET RS.78.

INVESTMENT CALL ON 8 NOVEMBER

BUY INDIABULL REAL ESTATE CMP RS.157.50

FOR SHORT TERM TARGET RS.200.

OUTLOOK FOR NOV 7

The market may extend last two days' fall that followed

an earlier strong rebound tracking weak Asian stocks. Asian

stocks fell sharply for a third day as layoffs and corporate

profit warnings piled up in the face of a rapidly slowing

global economy. Back home, an unexpected rise in inflation

pulled the Sensex down nearly 4% on Thursday, 6 November

2008, in a highly choppy trade. The rise in inflation shattered

hopes of further interest rate cuts by the Reserve Bank of

India. Inflation based on the wholesale price index rose

10.72% in the year through 25 October 2008, higher than

previous week's 10.68% rise.

The Indian rupee fell more than half a percent in opening

deals on Friday, 7 November 2008, on expectations that

losses in overseas markets would lead the stock market to

drop and spur foreigners to continue withdrawing their

investments. At 9:02 IST, the partially convertible rupee

was at 47.95/96 per dollar, compared to Thursday's close

of 47.66/69 per dollar.

NOV 6 THURSDAY

1.Sell HDFC Bank Futures CMP Rs 1098

for short term delivery target of Rs 1025

stop loss Rs 1145.

Market may turn choppy and stay cautious for

the day.

UPDATE FOR NOVEMBER 5

Weakness in European stocks and lower US index futures

pulled themarket sharply lower in what was a volatile

trading session. TheBSE Sensex declined 511.11 points or

4.81% %, with indexheavyweight Reliance Industries (RIL)

plunging close to 13% onbrokerage downgrade. The S&P

CNX Nifty fell below the psychological3,000 mark. Realty,

banking and metal stocks dropped on profittaking after

recent strong gains. Firm Asian stocks had triggered an

intra-day recovery on thedomestic market in afternoon trade

after it had slipped into thered in mid-morning trade after

a strong start. The market hadsurged earlier in the day

boosted by rally in Asian stocks,Democrat Barack Obama's

election as the next US president andexpectations that a

cut in interest rates by state-run banks wouldresult in lower

borrowing costs for the corporates. The early rally was also

triggered by a sentiment by the Commerceand Industry

Minister Kamal Nath after trading hours on Tuesday, 3

November 2008, that the government will further ease

foreigninvestment rules, including those relating to

defence production.

Trading in US futures suggested the Dow would fall 82 points

at theopening bell, as the focus shifted to the weak economy

afterObama's decisive win in the US presidential election.

Europeanmarkets which opened after the Indian market, fell

as the spotlightmoved back to the troubled economy after

the US presidentialelection. Key benchmark indices in

France, Europe and UK were downby between 1.44% to

1.88%. Asian markets, which opened before the Indian

market, surgedboosted end of the uncertainty about

who will lead the US economyin the midst of great

financial peril. Key benchmark indices inChina, Japan,

Singapore, Hong Kong, and South Korea were up by

between 1.76% to 4.46%. But the Taiwan Weighted fell 0.29%.

NOV 4 TUESDAY

Trading call

Buy PFC Rs 109 for short term delivery target

of Rs 125 and Rs 130

Stop loss Rs 99.

TRADING CALL FOR 3 NOVEMBER

BUY SUN PHARMA CMP RS.1093 FOR

MEDIUM TERM TARGET RS.1380.

NOV 3 MONDAY

TRADING CALLS ON NOV 3 MONDAY

Buy Punj Lloyd between Rs 175 to 180

Short term delivery target Rs 200

Stop loss Rs 158.

TRADING CALLS ON OCT 31 FRIDAY

Buy Hero Honda CMP Rs 769

For short term target Rs 810.

UPDATE ON OCTOBER 28 AT 8 PM IST

* Copper rises more than 4 pct as short-covering takes hold

* U.S. housing data and short-covering dominates

* Equity markets rise as financial crisis jitters ease

Copper rose 4.1 percent to track equity markets higher on

Tuesday, as investors covered short positions and bargain

hunters entered the fray buoyed by stronger housing market

data in the United States.

Copper for three month delivery on the London Metal Exchange

was traded at $4,090 in official rings from $4,020 at the close

on Monday and compared with a session high of $4,185.

However, prices of the metal used in power and construction

have fallen about 50 percent since a record high of $8,940 in July.

OUR TOP INVESTMENT PICK

FOR DIWALI ;


BUY BHARTI AIRTEL AT RS. 609

HAPPY DIWALI

MARKET PERSPECTIVE AS ON OCTOBER 21

The market action so far this week is quite a contrast

from the volatility that we have lived through since mid

September. Yesterday, the Dow closed up 3.4%, while Japan’s

Nikkei index was up 3.5%, Hong Kong’s Hang Seng index

increased 5.3%, Russia’s benchmark jumped 4.9% and

Brazil’s Bovespa gained 8.3%.

What helped support the markets yesterday? U.S. equities traded

at stronger levels on Monday as Fed Chairman Bernanke opened

the door for further interest rate cuts, and said that he supported

additional government economic stimulus. In addition to Bernanke’s

encouraging words, subtle signs that the credit interventions are

starting to work, albeit slowly, also helped support the markets

on Monday. For instance, there was a meaningful dip in the

LIBOR interest rate, which implies that banks are becoming

more willing to lend money to one another again. This is important

since many mortgages and credit lines are tied to this rate.

The positive tone in the markets prevailed and even amplified

this morning, although market watchers pointed out that

trading volume set a monthly low, reflective of investor

“skittishness.” But the rally didn’t last long and the markets

closed off a good bit. The Dow closed down 231 points, or 2.5%,

today on worries about third-quarter earnings. The NASDAQ

and S&P 500 also lost some ground falling 4.1% and 3.1%,

respectively.

Although there is a positive tone in the market, we aren’t out

of the woods yet. Be prepared for another eventful and volatile

week. Current conditions are likely to continue for some time as

markets try to digest macroeconomic and third-quarter earnings

reports, as well as get a gauge on the extent, effectiveness and

longer-term implications of governments' financial rescue and

economic stimulus plans.

So in the current economic and investment environment, what

sectors are ripe for investment? One area of interest is the oil

and gas sector. The prices of commodities have been falling, right

along with demand and economic output. This is making for some

relatively cheap shares of oil and gas companies. And some

investors want to jump onboard now…but I say, "Not so fast!"


It's a tough call on oil and oil and gas companies at the moment as

far as the near-term direction. For one thing, it's possible that

worried consumers may continue to hang on tight to their

wallets until they have more confidence about what's going

on in the markets. So I think we should continue to wait for

signs of a solid bottoming -- in the economy as well as oil prices

-- before making any bets in this sector.

POST MARKET REPORT FOR OCTOBER 21

The central bank's rate cut, higher global markets and

shortcovering on the stock market regulator Securities &

Exchange Boardof India (Sebi)'s warning to foreign funds against

overseas lendingand borrowing of Indian securities, boosted the

domestic boursestoday. But intraday volatility was high. The

BSE Sensex rose 460.30points or 4.5%, extending Monday's

(20 October 2008) 2.48% gain. Index heavyweight Reliance

Industries spurted. Tata ConsultancyServices rose more than

12.5%. Jaiprakash Associates spurted morethan 16% on good

Q2 September 2008 results. Tata ConsultancyServices rose

more than 13%, Tata Steel rose more than 10% andReliance

Communications rose more than 11%. The market breadth was

strong. European markets and some Asian markets rose as France

said it willinvest $14 billion in banks and the US moved toward a

secondstimulus package. Sebi has disapproved of the overseas

lending and borrowing activityof FIIs and the consequent selling

pressure in the cash market inIndia. The Sebi warning to FIIs

against overseas lending andborrowing came after the data

showed FIIs had lent equities worthRs 348 crore to overseas

entities for the purpose of short selling,during 10 October-14

October 2008.

MARKET UPDATE AT 1 PM IST

The key benchmark indices remained rangebound at higher

levels inafternoon trade. The BSE Sensex was up 322.15 points

or 3.15%. Themarket had pared gains in early afternoon trade

after a sharpsurge. The central bank's rate cut, higher Asian markets

and shortcovering on the stock market regulator Securities &

Exchange Boardof India (Sebi)'s warning to foreign funds against

overseas lendingand borrowing of Indian securities, boosted the

domestic bourses. IT stocks surged. Rate sensitive banking stocks

rose. Indexheavyweight Reliance Industries came off from day's

high.Jaiprakash Associates spurted more than 12% on good Q2

September2008 results. Stelite Industries, Reliance Communications

rose morethan 7% each. The market breadth was strong. European

markets which opened after Indian market were mixed, Keybenchmark

indices in France and Germany were up by between 0.91% to2.21%.

In UK, the FYSE 100 index was down 0.12%.

TRADING CALL AT 10 AM ON OCTOBER 21

BUY PNB AT RS.500 WITH SL RS.488

FOR SHORT TERM DELIVERY TARGET RS.530.

TRADING CALL ON OCTOBER 20

Satyam Computer Services Ltd (Q2 FY09): ‘Quarter in-line;

remain positive’ CMP Rs266 , BUYTarget price Rs300,

Upside 12.9%


Revenue growth of 2.3% qoq in dollar terms was in-line


Healthy growth was witnessed in ADM services, TIMES vertical,

US region and amongst Top clients OPM decline of 100 bps

qoq was on expected lines; lower forex loss pushes net profit

growth Employee addition weaker than expected; FY09 gross

hiring target lowered significantly .More than expected

downgrade in revenue growth outlook but earnings growth

revised upwards in dollar terms .

Short-term negatives likely in the price; remain positive .

UPDATE FOR OCTOBER 20

Central bank's repo rate cut provided a much needed respite

rallyto the investors which have seen a massive erosion in

their wealthin the past few days. The volatility was high and

the marketbreadth was weak, indicating a cautious undertone.

The BSE Sensexrose 247.74 points or 2.48%. Firm Asian and

European marketsprovided added support to domestic bourses.

Fall in interest rate boosts stocks as it results in lowerborrowing

costs for corporates. The Reserve Bank of India (RBI),today,

cut the repo rate, by 100 basis points to 8% with immediateeffect.

Repo rate is the rate at which the RBI provides funds tobanks

against the collateral of government bonds for a day to threedays.

Banking stocks and IT stocks rose. Satyam Computer Services

andWipro rose more than 8.5% each while Tata Consultancy

Services rosemore than 9%.

Asian and European stocks were firm as investors took comfort

inglobal efforts to prop up the banking system, allowing for

somebargain hunting. Trading in US index futures suggested the

Dowwould rise 141 points at the opening bell.

TRADING CALLS

1. Sell HDFC Bank CMP Rs 1026 ,

Short term delivery target Rs 840.

Trading call for Oct 14 Tuesday

Buy Sail CMP Rs 115 TO 118

Short term delivery Target Rs 127.

Indian market started off the week with smart

gains on the back of a strong rally witnessed

in global markets.

OCT 13 MONDAY

Caution is advised .Investors should stay on

sidelines till global markets stabilise.

Sell Sun Pharma between Rs 1350 to 1390

Stop loss Rs 1465

Short term delivery Target Rs 1180.

OCT 13 MONDAY

Sensex crucial support for week is at 10239 , if

maintained a bounce back could be expected , negative

below 10239 , Target would be 9898.

TRADE RECOMMENDATION.

1. Sell Rcom below Rs 229 ,

Stop loss Rs 240

Target Rs 216 to 210.

2.Buy Can bank at Rs 165

Stop loss Rs 154

Target Rs 183 to 191.

MARKET UPDATE FOR OCTOBER 10

There is fear and panic on the stock markets. The bourses

suffered heavy losses today on the back of global sell-off and

on datashowing dismal industrial production growth in August

2008. The BSE30-share Sensex lost 800.51 points. IT stocks

suffered on downwardrevision in guidance in dollar terms by

IT bellwether InfosysTechnologies. Banking stocks were volatile

reacting to a slew of news such as cutin cash reserve rate, slowdown

in industrial production and fall ininflation. Reliance Communications

declined 21.02%, RelianceInfrastructure and ICICI Bank lost

more than 19% each andJaiprakash Associates shed 16.27%.

Securities & Exchange Board of India (Sebi) chief C B Bhave today

said there was no unusual activity in the stock market. He further

said there has been no shorting by institutions in cash markets.

Inflation based on the whole price index rose 11.8% in 12-months to

27 September 2008, lower than previous week's 11.99% rise, data

released by the government during trading hours today, showed.

Stocks fell across the globe despite worldwide central bank

measures to stave off a crisis. Bank bailouts, liquidity injections

and interest rate cuts across the world have failed to quell

investor anxiety with Asian stocks tumbling today, following

overnight setback in US stocks. Back home, the Reserve Bank

of India (RBI) toady cut the cashReserve Ratio (CRR) second

time in the week. The central bank cutCRR by 100 basis points

after 50 basis point cut earlier in theweek.

UPDATE AT 11AM ON 0CTOBER 8

The key benchmark indices slumped to their lowest level

in morethan two years on fresh setback in global markets

caused by growingcredit market worries. The BSE 30-share

Sensex was down 599.96points. The barometer index fell close

to 700 points at intradaylow. Reliance Industries (RIL) hit

fresh 52-week low. Among thesectoral indices capital goods

and IT stocks were the key losers.Sterlite Industries fell more

than 12% and Satyam Computer Serviceswas down more than

10%. Key benchmark indices in Asia were down by between 3.08%

to 6.63%today, 8 October 2008, even as central banks across Asia

stepped upto offer more support to commercial banks to try to ease

painfulpressure on funding costs from a vicious global credit squeeze.

At 10:23 IST, the BSE 30-share Sensex was down 599.96 points or

5.13% to 11,095.68. The index slipped 687.04 points at the day'slow

of 11,008.20, its lowest level since 9 August 2006. The Sensexfell

379 points at day's high of 11,316.24, in early trade. The S&P CNX

Nifty was down 177.70 points or 4.93% to 3,428.90. Theindex hit

a low of 3,405.80 its lowest since 13 September 2006. The BSE

Mid-Cap index was down 5.4% at 4,027.10 underperforming the

Sensex. The BSE Small-Cap index was down 4.23% at 4,765.92

outperforming the Sensex. The market breadth was extremely

weak. On BSE, 168 shares advancedas compared to 1,360 that

declined. 19 shares remained unchanged.

OUTLOOK FOR OCTOBER 8

Considering the unprecedented carnage in the global

financial markets and uncertainty over the fate of the US

and other major economies, we would like to refrain from

giving any intra-day trading ideas. We continue to advise

caution at this stage.


Investors should stay on the sidelines till the global sell

off abates and markets stabilise. One should not get carried

away if there is any kind of a relief rally, as further selling is

expected. Any advance in Indian stocks can only be sustained

if global markets recover.

MARKET OUTLOOK IN NEAR FUTURE - OCTOBER 8

Are We Nearing a Bottom?

Last Friday, financial industry executives, Treasury

Secretary

Paulson, Fed chairman Bernanke, the Bush administration and

a majority in Congress all clamored for quick passage of the bailout

plan. Their goal: Rejuvenate the economy, re-liquidate the financial

system and prevent severe stock market drops like the 778-point

fall that followed the first failed attempt to pass the bailout bill.


While it was necessary for the U.S. government to take action to

support the collapsing banking system and financial industry, it's

clear that even a potential $700-billion bailout wasn't enough. At

least in isolation the rescue plan wasn't enough to allay fears of an

impending global recession. And it wasn't enough to stem the growing

financial stresses across the Atlantic, either. The metastasis known

as the U.S. credit crisis continued to spread to other countries and

regions over the weekend. European governments and central banks

even took the extraordinary step of announcing that they would

guarantee bank deposits, to no avail. So on the back of more bank

and financial services industry bailouts in Europe, as well as fears

that a global recession was inevitable, stock markets from Asia to

Europe to Latin America plunged this week.

Japan's Nikkei index fell to a four-and-a-half-year low and Hong Kong's

Hang Seng dropped 5% on Monday, which was then followed by 3% and

5% drops, respectively, today. European stocks were also down 4% to

5% in early Monday trading, while Russia and emerging markets'

stocks plunged 7% in the first 20 minutes of trading. Following suit,

the Dow plunged below 10,000 for the first time in four years on

Monday. At its low point during the day, the Dow was down

more than 800 points!

Easing the Sharp Financial Pain


Now, as we wait for government bailouts to have some positive effec

t on the financial system, other remedial actions need to be taken to

help alleviate even sharper financial pain in the meantime. Monday's

sharp global market declines proved that the rescue plan wasn't going

to be enough, in and of itself, to rejuvenate the world's ailing financial

system. Some are already contemplating what steps to take next...

There's speculation that central bankers from around the globe will

make coordinated interest rate cuts soon, . In addition, the recent

sell-off may prompt U.S. Securities and Exchange Commission to

reconsider lifting the short-selling ban it imposed. The Commission

will meet on Thursday to discuss this very topic.

Discussions Abound


While the U.S. government is taking steps to ease the financial

crisis, revive the U.S. economy and renew investors' confidence,

the entire worldwide economy—at least as far as equity markets

are representative of it—is going through a painful and likely to be

protracted revaluation. Things have taken such a bad turn so fast

that the vast majority of investors have been caught holding the bag.

UPDATE FOR 0CTOBER7

The key benchmark indices ended mixed on a highly volatile day of

trade today. The BSE Sensex lost 106.46 points while Nifty rose4.25

points. The market swung between positive and negative zone

throughout the day. European stocks were green amid choppy trade

amid reports the UK government may be forced to provide funding

forRoyal Bank of Scotland. The BSE Sensex and the S&P CNX Nifty

both hit two-year lows inmid-afternoon trade today, 7 October 2008.

This was in contrast toan initial surge on the bourses that was triggered

by liquidityboosting measures by Indian financial regulators announced

aftertrading hours on Monday, 6 October 2008. Reliance Industries

recovered sharply from 52 week low hit today. Bharat HeavyElectricals

came off from the session's lows. The market breadthwas negative US

futures were up. Nasdaq futures were up 19.25 points and DowJones

futures were up 33 points. The BSE 30-share Sensex lost 106.46

points or 0.9% to 11,695.24.The index fell 299.85 points at the day's

low of 11,501.85, hit inmid-afternoon trade, its lowest level in more

than two years.

UPDATE AT 11AM ON OCTOBER 7

The market regulator Securities & Exchange Board of India

(Sebi)'sdecision to lift restriction on issue of participatory notes

andthe Reserve Bank of India's surprise steep 50 basis cut in the

cashreserve ration triggered a rebound on the bourses after steep

losses of the past two trading sessions. The Sensex was up 351.70

points. Both the Sebi and RBI announcements were made after trading

hours on Monday, 6 October 2008. A recovery in Asian stocks following

a larger than expected 100basis points cut in interest rate by

Australia's central banktoday, 7 October 2008, and higher US futures

contributed to earlysurge on the domestic bourses. Rate sensitive

banking and realtystocks rose. Reliance Industries recovered from

52-week low. US futures were up. Nasdaq was up by 20 points and

Dow Jonesfutures were up 121 points. At 10:21 IST, the BSE 30-share

Sensex was up 351.70 points or 2.96%to 12,151.60. The index rose

253.92 points at the day's low of12,055.62, hit in early trade,. The

Sensex surged 379.73 points atday's high of 12,181.43, in early trade.

The S&P CNX Nifty was up 117.35 points or 3.26% to 3,719.70. The

BSE Mid-Cap index was up 1.63% at 4,415.10 and the BSESmall-Cap

index was up 1.29% at 5,152.80.

TECHNICALS FOR OCTOBER 7


MCX COPPER NOVEMBER


SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

SUPPORTS : S1 264, S2 262

RESISTANCES :R1 268, R2 271

SELL AT 268 TO 268.50, SL 271 , TGT 264.

MARKET REPORT FOR OCTOBER 6

The key benchmark indices extended steep losses of the

previoustrading session as stocks fell across the globe as global

financialcrisis deepened. A sell-off in index pivotals pulled

down Sensex by724.62 points today, 6 October 2008. US futures

were downindicating of lower opening of US markets. The Sensex

hit itslowest level in more than two years and the S&P CNX Nifty

hit 1-½year low. In a major development, the market regulator

Securities & ExchangeBoard of India (Sebi) today, 6 October 2008

, announced removal ofrestriction on issue of participatory notes

(P-notes) by foreigninstitutional investors (FIIs) against

securities, includingderivatives, as underlying. The announcement

was made shortly aftertrading hours. P-notes are issued by foreign

funds registered inIndia to unregistered overseas investors. Consumer

durables and realty stocks plummeted. Sterlite Industriesfell more

than 15%. Reliance Infrastrucutre and JaiprakashAssociates fell more

than 13.5% each. Reliance Industries (RIL)fell more than 6.5% while

Infosys fell more than 5%. The marketbreadth was weak as selling

was witnessed across the board.

UPDATE AT 1 PM ON OCTOBER 6

Key benchmark indices slipped deep into red in early afternoon

trade after trading resumed at 12:10 IST after 45-minutes stoppage

due to sun outage. The 30-share BSE Sensex fell below 12,000 mark

and lost close to 575 points at day's low. Many Asian markets were

down more than 4% each. The Sensex hit its lowest level in more

than two years while the S&P CNX Nifty hit 1-½ year low. Power

and realty stocks plummeted. Jaiprakash Associates lost more

than 12%. Tata Power Company and Sterlite Industries fell more

than10% each. Reliance Industries (RIL) hit 52-week low. The market

breadth was weak as selling was witnessed across the board.

UPDATE AT 11 AM ON OCTOBER 6

The market extended Monday's (3 October 2008) steep fall

on weakAsian stocks. Sensex hit its lowest level in more than

two yearswhile Nifty hits 1-½ year low. Sensex was down

313.50 points.Metal, banking and realty stocks plummeted.

Jaiprakash Associateswas down 6.5% and Sterlite Industries was

down by more than 7%. The financial crisis spread further to Europe

and doubts persistedabout the effectiveness of the US administration's

$700 billion USfinancial sector bailout plan. The uncertainty over the

nucleardeal with the United States persisted Condoleezza Rice, US

secretary of state, left New Delhi at the weekend without signing

the US-India nuclear deal. The domestic bourses also ignored

reports that the market regulator Securities & Exchange Board

ofIndia (Sebi) may relax norms of participatory notes. The market

also ignored fall in inflation and further fall in oil & commodityprices.

At 10:19 IST, the BSE 30-share Sensex was down 313.50 points or

2.5% to 12,212.82. The index shed 406.13 points at the day's low

of12,120.19, hit in early trade, its lowest level since 20 September

2006. The Sensex fell 241.83 points at day's high of 12,284.49, in

early trade. The S&P CNX Nifty was down 110.65 points or 2.9%

to 3,707.65. Niftyhit a low of 3,688.65, its lowest level since 3 April 2007.

UPDATE FOR PREMARKET ON 6 OCTOBER

The market is likely to extend Monday's (3 October 2008)

steep fall on weak Asian stocks. Asian stocks fell today, 6

October 2008, led by shares of exporters, after a hectic weekend

in Europe as the financial crisis gathered steam there, knocking

the euro to the lowest in a year. Fears that damage from dysfunctional

financial systems in developed economies would almost certainly

push them closer to recessions, weighed on Asian stocks. Key

benchmark indices in Hong Kong, China, Japan, South Korea, Singapore

and Taiwan were down by between Germany gave blanket bank

deposit guarantee on Sunday, 5 October 2008, to prevent panic

as officials clinched deals to rescue Germany's Hypo Real Estate -- after

an initial bailout failed -- and recapitalize two other European banks.

US stocks declined in volatile trade on Friday, 3 October 2008, on

concerns about whether the $700 billion rescue plan, which was

approved by the US Congress would be quickly implemented and

whether it would be enough to shore up the economy. Dow Jones

Industrial Average slid 157.47 points or 1.5% at 10,325.38. The tech

laden Nasdaq Composite index shed 29.33 points or 1.48% at 1,947.39.

Back home, inflation based on the wholesale price index rose 11.99% in

12 months to 20 September 2008, below the previous week's annual

rise of 12.14%, government data released after trading hours on

Friday, 3 October 2008, showed. Inflation for the week ended 26

July 2008 was revised upwards to 12.53% from 12.01%.

UPDATE FOR OCTOBER 3

Bearish sentiment prevailed today as key benchmark indices snapped

last two days' rally on weak global cues. Sensex fell close to 600points

at the day's lows hit in late trade. The barometer index hadrisen 459.92

points in the preceding two trading sessions. Indexheavyweight

Reliance Industries (RIL) hit 52-week low, falling morethan 7.5%.

Tata Steel fell more than 10% while Sterlite Industriesfell more than

8.5%. Ranbaxy Laboratories rose more than 4.5%. Themarket

breadth was weak.

The BSE 30-share Sensex plunged 529.35 points or 4.05% to12,526.32.

The index shed 583.06 points at the day's low of12,472.61, hit in

late trade. The Sensex fell 54.48 points at day'shigh of 13,001.19, in

early trade. The S&P CNX Nifty ended down 132.45 points or 3.35%

to 3,818.30. BSE clocked a turnover of Rs 4,767 crore today as compared

to aturnover of Rs 4,358.87 crore on 1 October 2008. Nifty October

2008 futures were at 3851, at a premium of 32.70points as compared

to spot closing of 3818.30. NSE's futures &options (F&O) segment

turnover was Rs 44,983.07 crore, which waslower than Rs 47,733.85

crore on Wednesday, 1 October 2008. The BSE Sensex is down 7,760.67

points or 38.25% in the calendaryear 2008 so far from its close of

20,286.99 on 31 December 2007.It is 8,680.45 points or 40.93% below

its all-time high of21,206.77 struck on 10 January 2008.

UPDATE AT 2 PM ON OCTOBER 3

The key benchmark indices extended losses in mid-morning

trade onweak global cues. Reliance Industries fell further. The

BSE Sensexwas down 172.10 points. Shares of suppliers of equipment

fornuclear power plants were mixed after the US Senate on

Wednesday, 1October 2008, approved the Indo-US nuclear deal

with overwhelminglymajority. IT and metal stocks declined. PSU

OMC rose on falling crude oilprices. Ranbaxy Laboratories rose

close to 7%. Sterlite Industriesand Steel Authority of India fell

more than 7.5% each. The marketbreadth was weak. The Indo-US

nuclear deal on Wednesday, 1 October 2008, secured theapproval

of the US Senate which overwhelmingly voted a billrejecting all the

killer amendments and paving the way for itsimplementation. The

landmark civil nuclear cooperation agreement,entered into between

Prime Minister Manmohan Singh and US PresidentGeorge W. Bush

in 2005, secured 86 votes while 13 Senators votedagainst it. The

legislation, which has already been cleared by theHouse of Representatives,

will now head to the White House for Mr.Bush signing it into a law.

Most of the Asian stocks dropped today, 3 October 2008, on fearsthat

the global economy will worsen even if the US Congress passesa $700

billion bank rescue bill. Key benchmark indices in HongKong, Japan,

Singapore were down by between 1.39% to 2.12%. The keybenchmark

index in Taiwan rose 0.68% as state funds bought indexheavyweights

to boost the market. Stock markets in China and SouthKorea were closed.

OCT 3 FRIDAY

We expect our market to soften at the opening bell.

Key Indices may turn choppy later in the day as global

cues continue to determine the overall market trend.

UPDATE AT 1 1AM ON OCTOBER 1, 2008

Key benchmark indices slipped in the red after firm start

as indexheavyweight Reliance Industries and banking pivotals

dropped. TheBSE 30-share Sensex was down 36.12 points. IT

pivotals gained asthe rupee dropped to a fresh five-year low

against the dollar.Larsen & Toubro turned 1:1 ex-bonus from

today. The market breadthwas positive on BSE. Asian markets

were trading mixed today, 1 October 2008. Japan'sNikkei and

Taiwan's Taiwan Weighted Average rose between 0.82% to1.07%.

However, South Korea's Seoul Composite was down 0.35%.Stocks

markets in China, Hong Kong and Singapore were closed today,1

October 2008 for various holidays. At 10:21 IST, the BSE 30-share

Sensex was down 36.12 points or0.23% to 12,831.31. The index shed

70.58 points at the day's low of12,789.85, hit in early trade.

Renewed hopes of the US Senateapproving a $700 billion bank bailout

package to rescue the economytriggered a firm start. The Sensex rose

148.04 points at day's highof 13,008.47, in early trade. The S&P CNX

Nifty was down 30.45 points or 0.78% to 3,890.75. The BSE Mid-Cap

index was up 0.02% at 4,799.20 and the BSESmall-Cap index was up

0.43% at 5,601.55.

TRADING CALLS FOR OCTOBER 1, 2008

Nifty (3921) Sup 3830 Res 4010

Buy ABB (789) SL 781 Target 805, 808

Buy Reliance Infra (790) SL 782 Target 806, 810

Buy NTPC (172) SL 169 Target 178, 179

Sell Fed Bank (206) SL 210 Target 198, 196

Sell CESC (275) SL 279 Target 267, 265

UPDATE FOR OCTOBER 1, 2008

Key benchmark indices are likely to extend gains for the second

straight day today, 1 October 2008 after a stupendous pullback o

n previous day on speculation the Senate will approve a $700

billion bank bailout package to unlock the credit markets and

bolster the global economy. The Singapore Nifty futures (SGX)

trading at over 50 points premium. Meanwhile, India's current

account deficit jumped to $10.72 billion in Q1 June 2008 as compared

to a deficit of $6.3 billion Q1 June 2007, as oil import bill has grown

faster than income from software services exports and remittances

from the Indian diaspora. The current account in the balance of payments

measures the net position of a country's exports and imports of goods

and services. The Indian rupee dropped to a fresh five-year low in early

trade today, 1 October 2008 on worries foreign investors would continue

to sell their local investments amid a spreading global financial crisis. The

partially convertible rupee was at 47.22/23 per dollar, its weakest

since 2 June 2003 and 0.55% lower from yesterday's close of 46.95/96.

Meanwhile, the Bombay Stock Exchange (BSE) will launch exchange-traded

rupee futures today, 1 October 2008. In August 2008, the National

Stock Exchange of India (NSE) kicked off exchange-traded currency

futures trading.

Trading calls on Oct 1 wednesday

1 Buy ITC at CMP Rs 188 ,

for short term delivery ,

Target Rs 205.

MARKET UPDATE FOR 30 SEPTEMBER

The key benchmark indices snapped last three days losses

to postdecent gains today, 30 September 2008. Sensex rose

264.58 points.The barometer index had lost 1,096.77 points or

8% in the pastthree trading sessions to 13,102.18 on Monday,

29 September 2008,from a recent high of 13,692.52 hit on 24

September 2008 Expectations that a revised rescue package for

the US financialsector would be put forward quickly by the US

administration,triggered a recovery on the domestic bourses today

, 30 September2008, after an initial sharp fall that pushed Sensex

to 2-year low.The US House of Representatives on Monday, 29

September 2008,unexpectedly rejected a plan to buy toxic assets

from strugglingbanks that had been designed to revitalise strained

lendingmarkets. US stock futures were trading higher. Nasdaq futures

wereup 32.25 points while Dow Jones futures gained 211 points.

Banking stocks climbed. Index pivotal ICICI Bank rose more than

8%,Tata Consultancy Services rose close to 7%. Bharat HeavyElectricals

and Bharti Airtel rose more than 5% each. Finance minister P Chidambaram

today said Indian banks are wellcapitalised and regulated. He further

added that foreigninstitutional investors are not selling all the time.

MARKET CLOSING UPDATE FOR 29 SEPTEMBER

Stocks fell across the globe on persistent questions on the

effectiveness of the US bailout package and on continued

instability in the global banking sector. The domestic market fell

for the third consecutive trading session with Sensex declining

1,096.77 points in last three sessions. The barometer index today

ended 506.43 points down. The market recovered after witnessing

a sharp intra-day fall. TheBSE Sensex recovered close to 200

points from the day's low. Thebarometer index hit 1-½ year low

and the S&P CNX Nifty hit itslowest level in 17 months in

mid-afternoon trade. The marketbreadth was extremely weak

as selling was witnessed across theboard. ICICI Bank fell more

than 12%. The US lawmakers agreeing on a $700 billion bank-rescue

package andthe House of Representatives approving the nuclear

deal with Indiaover the weekend failed to boost the investor sentiments.

MARKET UPDATE AT 1 PM ON SEPTEMBER 29

Key benchmark indices slumped further in red in afternoon trade.Sensex

lost more than 500 points. Asian and European stocks droppedon

persistent questions on the effectiveness of the US bailoutpackage

and on continued instability in the global banking sector.The barometer

index BSE Sensex today fell below the 13,000 mark. Capital goods and

power stocks declined . ICICI Bank fell more than11% while Jaiprakash

Associates fell more than 12%. RelianceIndustries dropped. The market

breadth extremely weak as sellingwas witnessed across the board. The

US lawmakers agreeing on a $700 billion bank-rescue package andthe

House of Representatives approving the nuclear deal with Indiaover the

weekend failed to boost the investor sentiments. European markets which

opened after Indian markets were down inopening trade. France's CAC 40,

Germany's DAX and UK's FTSE 100were down between 2.53% to 2.88%.

European markets fell as theBelgian, Dutch and Luxembourg governments

were forced to rescuefinancial firm Fortis over the weekend. In addition,

reportssuggest the British government will take over mortgage lender

Bradford & Bingley. Most Asian markets were trading lower today, 29

September 2008.Hong Kong's Hang Seng, Japan's Nikkei, Singapore's Straits

Times,South Korea's Seoul Composite fell between 1.26% 4.07%.

Trading calls Sept 29 monday

1.Buy Dabur India CMP Rs 89 ,

for short term delivery target Rs 98.

INVESTMENT CALL FOR 29 SEPTEMBER

BUY Dabur India CMP RS.89 for short term

delivery target Rs. 98.

WEEKLY UIPDATE ON 29 SEPTEMBER


The upheavels in the global market had the bullsrunning

for cover in the Indian market.Uncertainity over the Bush

government's major rescueplans for the troubled financial

sector kept key indicesunder pressure.Absense of leadership

from index heavyweights , dissapointing rollover of derivative

contract ,and persistent selling by FIIs contributed to the weakness.

BSE closed at 13102 down 6.7 % from last week while theNSE Nifty

lost 6.1 % to close at 3985.Realty stocks were the worst hit with

concerns over slowingdemand and liquidity crunch weighed on

investorsentiment.Banking , Capital goods and Metal stockswere

among the other major losers.Equity markets across the globe

had another dissapointingweek amid worries about the US

Governments $ 700 billion bail out plan for the crumbling financial

system may ger delayed.US authorities sold Washington Mutual

and sold its assets.Drop in the Dollar against the yen and Euro and

volatile crude prices also had a bearing on the sentiment.Technical

Ideas1.Sell HDFC at CMP Rs 2091 and on rallies to Resistence o

f Rs 2100 to 2130 levels for the following targets .a) Rs 2000b)

Rs 1900c) Rs 1800A stop loss below Rs 2190 is recommended for

all short positions.2.Sell Power Finance Corporation at CMP Rs 122and

on rallies to resistence of Rs 125 to 127 levelsfor the following targets

.a) Rs 110b) Rs 100A stop loss above Rs 130.50 is recommended

for shortpositions.Technically strong scrips1. Indus Ind Bank CMP

Rs 572.HUL253 CMP Rs 2533.EID Parry CMP Rs 2124. Cadila CMP

Rs 3295.Colgate CMP Rs 406Technically weak1. Divis lab CMP Rs 13552.

J&K Bank CMP Rs 4493. IOC Rs CMP 3894.Dr Reddy CMP Rs 5165.

Tata Steel CMP Rs 462Buzz on the StreetVideocon starts major restructuring

by cutting down manufacturing locations , trimming work force and pruning

brands.

Buzz on the street.

Videocon starts major restructuring by cutting downmanufacturing

locations , trimming work force andpruning brands.

Tech Mahindra and Tcs eye Flextronics units.RIL may acquire

discovered oil and gas assetsabroad.Valechha E ngineering has emerged

as the lowestbidder for 2 projects worth Rs. 3.5 billion.Balaji Telefilms

may acquire some stake in INX Media's9X Hindi general entertainment channel.

MARKET UPDATE FOR 26 SEPTEMBER

The key benchmark indices ended sharply lower as uncertainty

overthe fate of the US government's $700 billion rescue plan for

thefinancial sector hurt investor sentiment. As per provisionalclosing,

the BSE 30-share Sensex was down 485.64. News of thebiggest ever

US bank failure compounded the bearish sentiments,with the

US government brokering a last-ditch purchase of thriftWashington

Mutual by JPMorgan. All the sectoral indices on BSE, barring the

FMCG index, ended inred. Mid-cap and small-cap stocks, too, witnessed

major sellingpressure. India's largest drug maker by sales Ranbaxy

Laboratoriesslumped. Weak US economic data also weighed on

market sentiments. Datareleased overnight showed US-made durable

goods fell 4.5% in August2008, while sales of new homes in the US

dropped 11.5% during themonth. First-time jobless claims in the US

rose to their highestcount in seven years pointing to a slow down.

Trading calls on Sept 26 Friday

Buy Aban Offshore CMP 2323 for short term delivery

Target Rs 2425.

We expect Indian markets to remain choppy.

DELIVERY CALL FOR SEPTEMBER 25

BUY Jindal Saw CMP Rs.615 for short term

delivery target of Rs.650.

Today we expect the market to have a subdued opening.

MARKET UPDATE FOR 25 SEPTEMBER

Volatility may grip the bourses ahead of expiry of September

2008 derivatives contracts. By Wednesday, 24 September 2008,

roll over in Nifty stood at about 44% from September 2008 contracts

to October 2008 contracts. The government will today, 25 September

2008, release inflation data for 12 months to 13 September 2008, after

market hours. Inflation based on the whole price index rose 12.14% in

12 months to 6 September 2008, marginally above previous week's

12.10% rise. The Dow and the S&P 500 edged lower on Wednesday,

24 September 2008, as uncertainty about when the US Congress might

approve a proposed $700 billion financial sector bailout plan offset

Warren Buffett's $5 billion bet on Goldman Sachs. The Nasdaq edged up,

boosted by tech shares that rose on hopes an eventual bailout would

increase tech spending. Dow shed 29 points or 0.27% to 10,825.17. The

Nasdaq Composite index edged up 2.35 points or 0.11% at 2,155.68. Asian

stocks were mixed today, 25 September 2008. Key benchmark indices in

Japan, South Korea, Singapore and Taiwan were down by between 0.4%

to 1.07%. Key benchmark indices in Hong Kong and China were up by

between 0.4% to 4.2%.