UPDATES ON SEPT 29 2008

SEPT 29 MONDAY

MARKET REVIEW

The upheavels in the global market had the bulls

running for cover in the Indian market.

Uncertainity over the Bush government's major rescue

plans for the troubled financial sector kept key indices

under pressure.Absense of leadership from index heavy

weights , 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 the

NSE Nifty lost 6.1 % to close at 3985.

Realty stocks were the worst hit with concerns over slowing

demand and liquidity crunch weighed on investor

sentiment.Banking , Capital goods and Metal stocks

were among the other major losers.

Equity markets across the globe had another dissapointing

week 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 Ideas

1.Sell HDFC at CMP Rs 2091 and on rallies to

Resistence of Rs 2100 to 2130 levels for the

following targets .

a) Rs 2000

b) Rs 1900

c) Rs 1800

A stop loss below Rs 2190 is recommended for

all short positions.

2.Sell Power Finance Corporation at CMP Rs 122

and on rallies to resistence of Rs 125 to 127 levels

for the following targets .
a) Rs 110

b) Rs 100

A stop loss above Rs 130.50 is recommended for short

positions.

Technically strong scrips

1. Indus Ind Bank CMP Rs 57

2.HUL253 CMP Rs 253

3.EID Parry CMP Rs 212

4. Cadila CMP Rs 329

5.Colgate CMP Rs 406

Technically weak

1. Divis lab CMP Rs 1355

2. J&K Bank CMP Rs 449

3. IOC Rs CMP 389

4.Dr Reddy CMP Rs 516

5.Tata Steel CMP Rs 462

Buzz on the Street

Videocon starts major restructuring by cutting down

manufacturing locations , trimming work force and

pruning brands.

Buzz on the street

Videocon starts major restructuring by cutting down

manufacturing locations , trimming work force and

pruning brands.

Tech Mahindra and Tcs eye Flextronics units.

RIL may acquire discovered oil and gas assets

abroad.

Valechha E ngineering has emerged as the lowest

bidder for 2 projects worth Rs. 3.5 billion.

Balaji Telefilms may acquire some stake in INX Media's

9X Hindi general entertainment channel.