Nitin Fire Protection Industries Ltd: Buy recommendation with a price target of Rs. 650, Current Market Price: 431

[09:30] S&P has lowered corporate credit rating on Tata Steel to 'BB' reflecting non-investment grade as against the earlier rating of 'BBB,' an investment grade. The adjustment is an indicator of the risk it perceives to the company after the Corus acquisition. The counter may see selling pressure in short term

iGate Global Solutions has reported a 14-time increase in consolidated net profit at Rs.143.1 mn for the first quarter ended June 30, 2007 as against Rs.10.5 mn in the same period last fiscal. Revenue has moved up nearly 10% to Rs.1.99 bn.

[12:30] Buy HLL July Fut @198-200 Sl-194.80 Target-210-212 Target For-4-5 Days

[10:30] Yesterday the market opened higher but failed to sustain
at higher levels. It closed near Tuesday's low of 15005.

For traders it is still a tough time to make money on an intra-day
basis. This clearly suggests that open long leveraged positions will go up. This may hurt traders if the markets correct in the near future.

One should avoid guessing. The ideal strategy should be to reduce positions irrespective of the outcome.

[12:45] Buy Baja Auto July Futures at 2158, Stop Loss 2149

[12:30] Buy Unitech target:Rs.580 Stop loss below Rs.513 is a must.CMP: Rs.531

[11:00] Nifty may touch 4394, select shares may recover and sustain

[10:45] Buy SBI Jul futures 1590 and hod for 5-6 days target 1625.

If Nifty Slips below 4414, book profits in all long holdings

[10:15] Book Profit is TCS Power Trade Carry FOrward Long Futures 1173

Watch following counters

[10:45] Buy Oriental Bank July Future 223 Stop Loss 219, target 234 in 3-4 days

[10:20] IFCI is out of ban period of trading... scrip likely to gain

[10:00] L&T will soon set up a $1-bn infrastructure fund in the country. Initially, about $500 mn would be raised for various projects. The fund will be used for kick starting various infrastructure projects in the country.- Watch This Counter.

Maruti Udyog may not be able to match last year's sales growth as higher interest rates curb demand in Asia's fourth biggest automotive market.

[09:30] Buy Container Corporation of India Current price 2225 target 3000

The factors influencing the markets are more or less the same as in June. Factors like high crude prices, the rising rupee (the IT sector has approximately 17% weight in the Sensex) and valuations may keep the markets range bound. Markets may move up well beyond previous highs only after comfort is achieved on inflation, interest rates and corporate profit growth.

[11:30] Our advice is to book partial profits or come out of weak long
positions and raise cash (liquidity) levels as we are heading to the major levels of 15000 or 15200. These levels may act as a short-term resistance for the market.

Close Nifty July long Fut @ 4340

Buy Reliance July fut in the range of 1725-1727(fut) and keep a SL at 1718(fut)

Buy Grasim July future at 2738-2744 (Fut) and keep a SL at 2720 (Fut)

Book profits in SRF July Futures @ 179-180

[12:00] Buy Reliance Capital July Futures at 1141-43 Stop Loss 1135

Sell Tata Motors July Fut at 683, Stop Loss 695

Upward earnings estimates by Indraprastha Gas LImited. Buy Current Price 121, Target 165 in one month.

GMR Infrastructure is setting up an exclusive SEZ for manufacturing
aviation specialty products in Hyderabad. This is one of the two SEZs being set up by the group in the 50-acre land.

Only 10-12% stake in Patni Computer Systems may be available for private
equity and strategic investors, compared to 44% available earlier. Sources said