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BSE Sensex: (8814) the market has closed positive and has traded in a narrow trading range, I would like to view this trading action more as a pause before a big up day either down or up…and I would like to consider the market as down unless it crosses 9075 on the upside with force…there is a chance that the market could go up with vengeance because the low on the Nifty has bounced from a strong support of 2682

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FREE STOCK VIEW FOR 23-1-09

STOCK: RELIANCE INFRA

VIEW: WEAK

STRATEGY: SELL AT HIGHER LEVEL.

Angel Broking has maintained its buy rating on Wipro with a target price of Rs 281 in its January 21, 2009 research report. “In 3QFY2009, Wipro recorded a disappointing 1% qoq growth in Top-line. The key IT Services Business clocked a decent 6.9% qoq growth in Revenues, which was primarily driven by Rupee depreciation. While Infosys continues to be our preferred pick in the IT Sector, on account of the recent under-performance of the Wipro stock, we maintain a Buy with a target price of Rs 281, implying a P/E of 10x FY2010E EPS (13x earlier). However, stock price upsides in the near term could remain capped,” says Angel’s research report.

Technical Analyst, Rajat K Bose is of the view that one should sell DLF , IVRCL Infra and Indiabulls Real on rallies because they are going fall further.

Buying Satyam maybe more fraught with risks than expected earlier. Not only will the new buyer inherit its liabilities but even a partial sale could be blocked by investors seeking to claim compensation.

Reliance Industries has announced its third quarter results. The company’s Q3 net profit was down 9.8% at Rs 3,501 crore versus Rs 3,882 crore.

Its other income was up at Rs 663 crore versus Rs 241 crore.

Ranbaxy Laboratories has announced its fourth quarter results. The company’s Q4 net loss stood at Rs 680 crore versus net profit of Rs 187.8 crore.

Its net sales stood at Rs 1909 crore versus Rs 1795.1 crore.

Bharti Airtel’s Q3 FY09 net profit jumped 15.26% at Rs 1976.4 crore as against Rs 1,714.66 crore quarter-on-quarter. The numbers are based on Indian GAAP accounting standards. The company’s consolidated revenues were up by 8.34% at Rs 9,667.4 crore as compared to Rs 8,923.6 crore QoQ.

Since the Satyam scam came to light, there has been much speculation about Satyam’s clients moving their accounts to other IT companies.

In an update to the Satyam case, former Satyam chairman Ramalinga Raju and his brother Rama Raju have been sent back to Chanchalguda jail and their bail plea hearing was underway, at the time of filing the report. Raju’s lawyer was said to be arguing against CID custody for Raju.

Idea Cellular has declared its third quarter results. Its net profit was at Rs 220 crore. Its net sales were at Rs 2728 crore versus Rs 1705 crore on YoY basis.