Stk Calls - 13 Feb 08

Actionable ideas
ICICI Bank (BUY, CMP Rs1,067, Target Rs1,180)
The stock has fallen sharply in the ensuing market correction from the high of Rs1,455 in the second week of January 2008, finding support at its 200 day moving average. The daily RSI is moving in a sideway range above 30, indicating that the stock is in oversold position or may be near to its downtrend. We expect the stock to bounce back from current levels in the near term and retrace 50% of its downfall. Short term traders can buy the stock for a price target of Rs1,180.
Tata Steel (BUY, CMP Rs710, Target Rs790)
The stock has been in a steady downtrend since January 2008 from the levels of Rs950. However, it has found support and stabilized around the levels of Rs665. We expect the stock to gain momentum in next few trading sessions. Any move past the Rs720 levels could see the stock testing Rs800 levels in the near term. The daily RSI is indicating strength in the
trend. Based on above observations, we recommend short term traders to buy the stock for a price target of Rs790.
Among the major bulk deals; Reliance Life Insurance bought over 9.7 lac shares of Gujarat State Fertilizer at an average price of Rs210, while Citigroup Global sold it. Reliance Capital Trustee bought Swaraj Engines and Bear Sterns purchased over 2 lac shares of Mahindra LifeSpaces.