FreeForAll: SHARE NEWS 25.05.2006

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SHARE NEWS 25th May 2006

MARKET ANALYSIS

The market continues to be weak as lack of follow-up buying at higher levels is hitting sentiment. This could push out the weak positions still left out in the market as the F&O May series expires today. A recovery may be in store after a substantial amount open interest gets cut out with the F&O expiry.

The interest rate moves in the US has assumed a lot of significance in the recent past and it has been one of the primary reasons for the global weakness. Soft numbers on the durable goods and housing starts have eased fears of harder rate hikes and this should be good news.

INDEX MOVEMENTS

The Nifty slipped once again yesterday and is likely to face resistance near 3202. A slide to 3039 is probable. In the event of the breach of this level it can move lower to 2997. A bounce back could be in the offing as the Nifty is in the oversold condition. Buying on dips is favoured.

Short positions may be contemplated on the Bank Nifty if the index drops below 4248. A move below this level will result in a retest of the previous low at 3972.

The CNX IT has failed to confirm the positive reversal bar and this could hamper the possibility of a recovery. Avoid long positions for the time being.

MARKET NEWS

· GAIL to implement Rs.54.6 billion Assam gas cracker project

· Ethypharm signs contract with Ranbaxy

· Positive on India in medium term: JP Morgan Fleming

· Tata Metaliks to pump Rs.485 million in 3 projects

· ING Vysya Bank Q4 net loss at Rs.24.6 crores

· Torrent Pharma Q4 net loss at Rs.1.69 crores

· Ranbaxy to market Ethypharm’s painkiller in India

· GAIL to invest 54.6 billion rupees in petchem project

DELIVERY PICKS

*SCRIP*	*BUY ABOVE*

MID CAP STOCKS

*SCRIP BUY*	*ABOVE*

SMALL CAP STOCKS

*SCRIP*	*BUY ABOVE*

LIQUIDATE

*SCRIP*	*SELL BELOW*
*BAJAJ AUTO*	*2801.00*
*BANK OF BARODA*	*235.00*
*KOTAK BANK*	*288.00*
*ONGC*	*1150.00*
*SBI*	*851.00*
*TATA POWER*	*513.00*