[12/09/2007] Calls....

BEST BUY

SUN PHARMA (BUY) 1015 (Target1) 1024 ( Target 2) 1039 (Sl) 999

NAGARJUNA FERT (BUY) 43.9 (Target1) 44.7 ( Target 2) 45.6 (Sl) 42.9

INDIA CEMENTS (BUY) 270 (Target1) 274 ( Target 2) 277.4 (Sl) 266.8

Calls...[ 11/09/2007]

BEST BUY

PATNI COMP (BUY) 473.5 (Target1) 479 ( Target 2) 485 (Sl) 462

GSFC (BUY) 230 (Target1) 235.4 ( Target 2) 238 (Sl) 225

GITANJALI (BUY) 300 (Target1) 304 ( Target 2) 307 (Sl) 293

Bulls stage a comeback

The BSE 30-share benchmark Sensex gained 6 points to close at 15596. NSE Nifty ended flat at 4507.

After opening in deep red, markets bounced back. Bulls staged a smart comeback as Sensex recovered nearly 250 points and Nifty ended above the 4500mark recovering over 50 points from days low. Buying interest in Index heavyweights like Reliance Industries, ITC and SBI provided support to the key indices. Also positive opening from the European markets and recovery in the Hang Seng index in Asia lifted the sentiments.



All the key sectoral indices ended in green except for the IT sectors as strengthening rupee dragged the IT stocks lower. Even the Mid-Cap and the Smallcap stocks participated in the recovery.



Finally, BSE 30-share benchmark Sensex gained 6 points to close at 15596 hitting an intra-day high of 15626 and a low of 15363. NSE Nifty ended flat at 4507 touching an intra-day high of 4515 and low of 4452.



Bharti Airtel gained by 0.6% to Rs853 after the company secured license from Singapore to offer Global Connectivity. The scrip touched an intra-day high of Rs857 and a low of Rs835 and recorded volumes of over 6,00,000 shares on NSE.



Reliance Communication marginally slipped 0.3% to Rs543. The company announced that they have started blackberry Service in India. The scrip touched an intra-day high of Rs545 and a low of Rs534 and recorded volumes of over 26,00,000 shares on NSE.



Satyam Computer slipped by 1.5% to Rs442. The company announced that they would expand market in Europe and Asia Pacific. The scrip touched an intra-day high of Rs452 and a low of Rs438 and recorded volumes of over 25,00,000 shares on NSE.



Gammon India plunged over 8% to Rs420 after reports stated that a bridge collapsed in Hyderabad. Gammon India was the contractor of the bridge that crumbled. The scrip touched an intra-day high of Rs449 and a low of Rs402 and recorded volumes of over 20,00, 000 shares on NSE.



FMCG stocks ended higher led by gains in the index heavyweight, ITC advanced nearly by 4% to Rs184, Tata Tea was up by 2% to Rs775, McDowell gained 2.5% to Rs1581 and Nirma added 0.3% to Rs165.



Banking stocks also managed to stage a come back led by gains in the index heavyweights like SBI, the scrip was up by 1.3% to Rs1640, PNB gained by 0.8% to Rs493 and Union Bank added 1.1% to Rs147. However, ICICI Bank slipped by 1% to Rs910.



IT stocks were on the receiving end as Indian rupee yet again strengthened against the USD Satyam Computer slipped by 1.6% to Rs442, Wipro was down by 2.7% to Rs465, TCS slipped by 2.7% to Rs1047 and Infosys lost 2% to Rs1871.

Market may continue to witness volatility this week

Investors on Dalal Street may see volatility in the week ahead and will
wait for cues from the US markets, which might get a booster doze in
the form of interest rate cut from the Federal Reserve, analysts said.

The
benchmark BSE Sensex lost 168 points in the past week at 15,590.42
points on Friday. Meanwhile, US benchmark index Dow Jones Industrial
Average (DJIA) fell nearly 250 points to end at 13,113.38 points, while
Nasdaq-100 also closed down 49 points at 2,565.70 points.

The US
markets had declined after the jobs data came in far worse than
expected, threating to throw the economy into a recession. American
employers dismissed 4,000 workers last month, marking a sharp change of
direction from the 68,000 jobs that had been created in July.

In
a research note, global financial services major Citigroup expects US
Federal Reserve to lower interest rates by 75 basis points before the
end of the year, with the first cut coming on or even before the
scheduled meeting of Federal Open Market Committee on September 18.

"Our
global strategists have concluded that Fed cuts should be supportive
for equities performance, with non-US markets outperforming...
Instances of Fed rate cuts have been meaningfully positive for Indian
equities as well, especially on 12-24 month time horizons," Citigroup
analyst Ratnesh Kumar said in the India Equity Strategy report.

Even
in an extremely pessimistic scenario of a recession in the US, massive
rupee appreciation and sharp slowdown in domestic growth, Citigroup
does not see an earning collapse in India, "due to strong and
broad-based growth momentum in the Indian economy".

Besides,
Foreign Institutional Investors again embarked on a buying spree in the
equities market in September after a month of net sale in August. In
the first week of September, FIIs purchased equities worth Rs 2,869
crore and Rs 752 crore in the debt markets.

"The trend taken by the FIIs in the coming week could be crucial for the direction market takes," an analyst said.

Domestic
mutual funds were also net buyers worth Rs 353.80 crore in equity
market during four trading sessions from September 3 to September 6.

The
markets would also be watching the outcome of the negotiations between
the UPA government and its Left allies on the Indo-US nuclear deal.

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Intraday calls for 10 Sep

BEST BUY
Markets to open low on back of weak Global Cues , we expect recovery in the later part of the day ,
Buy NIIT Tech ,
Patni Computers ,
SAIL ,
IDBI during the panic selling for intraday gains