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.