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NIFTY ANALYSIS : Markets closed in red today after the choppy trade. Most of the stocks closed around 52-w low. Further the bias likely to remain weak due to concerns over the health of financial markets worldwide. Technically Nifty is facing strong resistance around 4100. If Nifty managed to stay above 4100 for at least half an hour, one can go for long side. But till then wait and watch. Below 3900 one can go for short with stop loss of 4055. Below 3900 target could be around 3750.

BSE Sensex: (13263) the market opened in the green but the crucial supports breached and the market closed in the negative…I would like to treat the market as in sideways correction with a bias down unless it crosses the 13600 mark

Sanjeev Agarwal, Head Equity of Globe Capital Market is of the view that Reliance Industries can slip to Rs 1700-1750.

• Antique Stock Broking has initiated a buy rating on Reliance Industries with a target of Rs 2502, reports CNBC-TV18.

• Reliance Equities has initiated a buy rating on Reliance Industries with a target of Rs 2623, reports CNBC-TV18.

HSBC Global Research has upgraded its rating on Hindustan Unilever to buy with a target of Rs 277, reports CNBC-TV18.

Vibhav Kapoor of IL&FS feels the market will be largely rangebound for the next 8-9 months. “The range may shift a little bit here and there because of global factors and other factors. But on a very broad scale, something like 3,600 to 4,500-4,700 for the next nine-months is the range that would stay.”

ICICI Bank has dubbed rumours about top management selling the company’s shares over the last few days as baseless and irresponsible.

No shares have been sold by members of the top management of the bank during the current year, the bank said in a release.

Emkay Global Financial Services has maintained ‘buy’ on Aban Offshore with a revised price target of Rs 3,868 (earlier target of Rs 5,400).

IT stocks could be the preferred investors’ choice due to rupee depreciation and hopes of improvement in global market sentiment after the intervention of the US Federal Reserve for rescuing insurance giant AIG, according to market analysts.

PINC Research has initiated ‘buy’ on Everest Kanto Cylinder for a target price of Rs 385. The company is a leading manufacturer of high pressure seamless cylinders for both industrial and compressed natural gas (CNG) uses. Besides serving domestic market, it also exports to countries across S.Asia, M.East and CIS.

Angel Broking has recommended a buy rating on TV Today Network with a target of Rs 117 in its September 12, 2008 research report. “TV Today Network (TVTN), a focused News broadcaster with a strong bouquet of four news channels, has maintained its leadership in the News Genre over seven consecutive years. Revamped Headlines Today, merger of Radio Today, flow of subscription Revenues and new channel launches would be the key drivers affecting the TVTN stock performance in the ensuing quarters. At the CMP of Rs 91, TVTN is trading at attractive valuations of 8.5x FY2010E Earnings making it the cheapest stock in the Broadcasting space. Moreover, we believe the company’s recent buyback announcement would lend downside support to the stock. We Initiate Coverage on the stock, with a buy recommendation and target price of Rs 117,” says Angel Broking’s report.

Macquarie Research has maintained its outperformer rating on DLF with a target price of Rs 680, reports CNBC-TV18.