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. DLF Feb. Future (Rs. 310)

Buy only in the region 309-311 with a stop loss below 303 for a 2-day target of 324.

2. Orchid Chemicals Feb. Future (Rs. 158)

Buy only in the region 156-158 with a stop loss below 153 for a 2-day target of 168.

3. Aban Offshore (Rs. 1208)

Buy only in the region 1200-1210 with a stop loss below 1185 for a short-term target of 1268 and 1294.

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

Sun Pharma
BUY
Price: Rs1,542 Target Price (Mar 11): Rs1,775

Relative underperformance is over

* Multiple factors have led to earnings cut: Sun has barely given
any return since Aug-08. Peers like DRL, Lupin and Cipla, on the other
hand, have given 50-100% returns. This is mainly due to loss of
certain opportunities (Venlafaxine XR), lower than expected domestic
formulation business in 1HFY10 and issues facing Caraco. As a result,
consensus earnings for FY10/11E have been cut over 21/14% since