Sokhi Sure Shot Calls for 3rd FEB !

REL INFRA (BUY) 505-510 (Target1) 518 (Target2) 529 (Sl) 500

JSW STEEL (BUY) 180-184 (Target1) 190(Target2) 198 (Sl) 176

GLENMARK PHARMA (BUY) 138-140 (Target1) 143 (Target2) 147.5 (Sl)135.5

GMDC (BUY) BELOW 42 (SHORT TERM TARGET) 55 (MEDIUM TERM TARGET) 70 (Sl) 36

Tata Tea (Rs 593.55) Sell : We recommend a sell on Tata Tea from a short-term trading perspective. It is evident from the charts of Tata Tea that it had been on a medium-term uptrend between late November 2008 and mid January 2009 when it moved from Rs 430 to Rs 635. The stock almost gained 47 per cent during this period. This up move of the stock retraced exactly 38.2 per cent (fibonacci retracement level) of its prior downtrend.

Moreover, the price rate of change indicator has entered in to the negative territory that indicates increase in selling pressure. We are bearish on the stock from a short-term horizon. We expect the stock to decline further until it hits our price target of Rs 534. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 618.

Upcoming IPO : EdServ another company which announced its IPO said that it would go ahead with its issue which is scheduled to open on Friday. The company has good QIB support and the retail interest is also good. As of now the IPO is on, said an official with the merchant banker to the issue.

Market conditions have not changed, they are the same what they were a few months ago. Investors are still wary about investing in the primary market, said Mr Prithvi Haldea, Managing Director of Prime Database.

There has not been an IPO since last October. Gemini Engi-Fab would have been the first issue to hit the market in four months.