Market Update

* L&T : plans to generate 5k mw of electricity by 2015 by investing ~Rs 300bn..
 has 3 projects & trying to reach fin closure for another 5000mw by 2015

* TATA STEEL : NYK Holdings acquires 26% stake in logistics and harbour ops
 services sub of co TM Intln Logistics

* HERO HONDA : may build 4th plant in 6 mths as it targets rural mkts &
 possible exports to Africa

* INDIA CEMENT : plans to raise $75bn thru share sales to QIB @ Rs 120.20/share

1. ICICI Bank (Rs. 872)

Buy in the region 865-872 with a closing stop loss below 815 for a short and medium-term target of
950 and 1040 respectively.

2. IDFC (Rs. 159)

Buy in the region 155-159 with a closing stop loss below 145 for a short-term target of 175 and 191.

3. Hindustan Zinc March Future (Rs. 1127)

Buy in the region 1123-1127 with a stop loss below 1110 for an intra-day of 1150.

1.Infosys Feb. Future (Rs. 2491)

Buy only on a move above 2505 with a stop loss below 2478 for a 2-day target of 2550 and 2584.

2. ICICI Bank Feb. Future (Rs. 826)

Buy only on a move above 831 with a stop loss below 819 for an intra-day target of 845.

3. Siemens (Rs. 640)

Buy in the region 630-640 with a closing stop loss below 595 for a short and medium-term target of 740 and 820 respectively.

The Nifty lost 154 points over the day to close at 4853. The selloff
continued yesterday as the markets opened gap-down and
just kept making lower lows consistently barring one minor
pullback of 50 Nifty points. The downtrend intensified once the
index broke the all-important support of 4930 in the first hour of
trading after three unsuccessful attempts to rebound. The
bearish continuation pattern in the form of “Triangle” that we
pointed out yesterday (See Exhibit 1 on Page 2) was another

1. Srei Infrastructure (Rs. 88)

Buy only in the region 86-88 with a stop loss
below 81 for a short and medium-term target of
105 and 130 respectively.

2. Universal Cables (Rs. 92)

Buy only in the region 91-93 with a stop loss
below 81 for a short and medium-term target of
110 and 135 respectively.

3. Noida Toll (Rs. 40)

Buy only in the region 39-40 with a stop loss
below 37 for a short and medium-term target of 46
and 54 respectively.

1. Essar Oil Jan. Future (Rs. 144)

Buy only in the region 144-145 with a stop loss
below 142.5 for an intra-day target of 150 and
153.

2. Cairn India Jan. Future (Rs. 286)

Buy only in the region 286-287 with a stop loss
below 284 for an intra-day target of 293.

3. Voltas Jan. Future (Rs. 176)