Support Seen At 17000
The Nifty lost 27 points over the day to close at 5114. A day of
volatility yesterday as the index opened gap-up but could sustain
at higher levels leading to a sharp move down below 5100 levels
only to witness another pullback and retracement of 50 points in
the last hour of trading. Such volatility is typically seen when
supply exceeds demand and is usually an indication of a
correction ahead. However, in the current scenario the price
action will have to break the updated support of 17000 (5030 on

• Voltas Oct. Future (Rs. 165)

Buy only on a move above 167 with a stop loss
below 163.5 for an intra-day target of 172.

• IOC Oct. Future (Rs. 642)

Buy only in the region 637-640 with a stop loss
below 632 for an intra-day target of 651 and 656.

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Container Corporation of India
Hold
Price: Rs1145 Target Price (Sept 10): Rs1,152

Downgrade to Hold

* EBITDA margin declined due to lower import throughput
(TEUs): Concor reported Net sales of Rs9.59 bn against the estimate
of Rs 9.50 bn. EBITDA margin declined to 26.4% with lower imports
witnessed in Q2 FY10 quarter (see exhibit for export-import
throughput), resulting in reduction of ground rent. Also competitions
from private operators in the domestic routes lead to jockeying for
market share by way of price reduction, leading to decline in margins.