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BSE Sensex: (12860) the market has bounced back from very close to all time strong support of 11900 and has closed positive…

The support for the Sensex is 12600-11900 and the resistance to the up move is at 13184-13428

Orchid Chemicals & Pharmaceuticals
Cluster: Emerging Star
Recommendation: Buy
Price target: Rs300
Current market price: Rs213

Renewed focus on drug discovery
Orchid Chemicals & Pharmaceuticals (Orchid) has entered into a collaborative drug discovery deal with Merck & Co Inc (Merck) for the discovery, development and commercialisation of novel anti-infective and anti-fungal agents for the treatment of bacterial and fungal infections.

Shares of 20 Microns Ltd will list on the exchanges on Monday, October 6, 2008.

The public issue of 20 Microns was open between Sep 4 and Sep 11. The IPO was for 43,50,632 equity shares of Rs 10 each in the price band Rs 50-55 per share. The company had fixed the issue price at the upper band.

Reliance Infratel’s IPO is not on the radar for now given the turbulent market conditions, Rcom Chairman Anil Ambani said on Tuesday.

Reliance Infratel, a subsidiary of Reliance Communications, is engaged in building towers and had planned for an IPO early this year. It had also filed the prospectus with market regulator SEBI.

The markets survived the fallout of the US financial bailout plan’s rejection. After a sharp gap down opening, the markets surged ahead powered by shortcovering and closed well in the green. Nifty closed at 3,921.20 up 71 points, while Sensex shut shop at 12,857 up 261 points.

Technical Analyst, E Mathew is of the view that Gujarat NRE Coke has resistance around Rs 77-80.

Technical Analyst, E Mathew is of the view that above Rs 110, Moser Baer has target of Rs 137. It is also good for trading bet or even a very short-term investment call, he further said.

Technical Analyst, E Mathew is of the view that Bank of Rajasthan has a headroom upto Rs 70-72.

Technical Analyst, E Mathew is of the view that uptrend in Axis Bank is very much intact. As soon as the dust settles down in the market, this is certainly going to be an outperformer, he added.

A Memorandum of Understanding (MoU) was signed between Steel Authority of India Limited (SAIL) and Larsen & Toubro Limited (L&T), to jointly set up, develop, manage and own captive/independent power plant/s at suitable location/s to meet future power requirements of SAIL. The scope of agreement also includes exploration of opportunities to own captive thermal coal blocks to cater to the power plant requirements.

India and France has signed civil Nuclear-cooperation deal. France supports India’s bid for permanent seat in UNSC and believes in expanding G8 to G13, including India. India, France will double bilateral trade to €12 billion by 2012. Both the countries business visas will also be liberalised. The agreement on social security for business enterprises will also improve two-way investment.

Chanda Kochhar, Joint MD and CFO, ICICI Bank, said India’s largest private sector bank has a very healthy capital position, “In the past few days there have been rumours being circulated about ICICI Bank’s financial health in certain parts of the country. These rumours are baseless. We wanted to clarify that ICICI Bank has a very healthy capital position.”