>Nifty ,Dowjones & Reliance update.

Hi Friends,
The downside targets are coming thick and fast.

Nifty did its second target of 2550 Nifty analysis.

Dowjones reached the upper edge of the target 7500. Dowjones analysis

Reliance rose above 1180 and showed good momentum above that intraday
but was unable to give a close above 1180 which was needed. Reliance analysis

I feel we are quite near to an substantial rise, Swift and fast rally. May be next week
starting things should change.

RESEARCH REPORTS

>INSIDE TRADING 20-11-2008

524348 Aarti Drugs Limited Harshit M Savla 07/11/2008 - 14/11/2008 B 12886 142046 1.21 531590 Bilpower Ltd. Suresh Kumar Choudhary. 14/11/2008 B 4151 0.04 231145 2.20 501833 Chowgule Steamships Ltd., Vijay Vishwasrao Chowgule 12/11/2008 - 17/11/2008 B 50790 640590 1.76 532339 Compucom Software Lt. Compucom Technologies Pvt Ltd. -- B 8018 0.03 2529573 10.06 532608 Deccan Chronicle Holdings Ltd. T Venkattram Reddy 18/11/2008 B 25000 50217416 20.51 532608 Deccan Chronicle Holdings Ltd. T.Vinayak Ravi Reddy 18/11/2008 B 25000 50217416 20.51 532608 Deccan Chronicle Holdings Ltd. P K Iyer 18/11/2008 B 25000 50217416 20.51 506401 Deepak Nitrite Limited C K Mehta 06/11/2008 - 12/11/2008 B 34655 0.39 228380 2.55 526783 Dr.Agarwals Eye Hospital Ltd. Dr. Amar Agarwal. 14/11/2008 B 600 154713 3.43 532984 Enso Secutrack Ltd Corporate Strategies Pvt Ltd. 14/11/2008 S 100000 0.90 880000 7.88 532768 FIEM INDUSTRIES LIMITED Seema Jain 17/11/2008 B 15712 1330074 11.12 530023 Fortune Financial Services (India) Mrs. Jalpa Nimish Shah. 14/11/2008 B 100 484306 4.36 532715 Gitanjali Gems Ltd. Mehul C Choksi 14/11/2008 B 135500 0.15 35398500 41.61 532715 Gitanjali Gems Ltd. Mehul C Choksi 17/11/2008 B 30000 0.04 35428500 41.65 512579 Gujarat NRE Coke Ltd. Brinda Dealing Pvt Ltd. 17/11/2008 B 107450 0.02 17565348 3.72 519552 Heritage Foods (India) Ltd. Nirvana Holdings Pvt Ltd. 12/11/2008 B 702260 6.09 702260 6.09 522073 Hi-Tech Gears Ltd., Mr. Pranav Kapuria 10/11/2008 B 669 386344 4.12 532761 HOV Services Limited ICICI Prudential Mutual Fund. 12/11/2008 S 9932 0.08 673553 5.37 502937 Kesoram Industries Ltd Smt. Manjushree Khaitan 12/11/2008 B 15250 125062 0.27 532747 Kingfisher Airlines Limited Deccan Emerging Business Ventures P Ltd 10/11/2008 S 63220 0.02 1071429 0.40 532747 Kingfisher Airlines Limited Capt. G R Gopinath 14/11/2008 S 96545 0.04 12267638 4.61 500510 Larsen & Toubro Limited Mr. A M Naik 14/11/2008 - 17/11/2008 B 6000 2127150 0.36 501343 Motor & General Finance (M.G.F.) Lt Ram Prakash & Co Pvt Ltd. -- B 15837 0.08 414604 2.14 531096 Mount Everest Mineral Water Ltd. Tata Tea Ltd 18/11/2008 B 100000 0.30 12200653 35.88 531096 Mount Everest Mineral Water Ltd. Tata Tea Ltd 14/11/2008 B 10309 0.03 12100653 35.59 524816 Natco Pharma Ltd. Time Cap Pharma Labs Pvt Ltd. 12/11/2008 B 8056 0.03 3236091 11.54 513023 Nava Bharat Ventures Ltd P Trivikrama Prasad 18/11/2008 B 15950 1462942 1.88 513023 Nava Bharat Ventures Ltd P Ramakrishna Prasad 18/11/2008 B 5000 30000 0.03 513023 Nava Bharat Ventures Ltd A N Investments P Ltd 18/11/2008 B 20000 0.02 3446832 4.42 507609 Olympic Oil Industries Ltd., Vijay Balwant Patil. 12/11/2008 S 5000 61450 25.08 513228 Pennar Industries Ltd., Copthall Mauritius Investment Ltd. 11/11/2008 B 9794833 7.74 9794833 7.74 513228 Pennar Industries Ltd., BSMA Ltd. 11/11/2008 S 9794833 7.74 -- 526247 Premier Explosives Ltd. A N Gupta - HUF 14/11/2008 B 4785 0.05 343347 4.22 500354 Rajshree Sugars & Chemicals Ltd., Rajshree Pathy 14/11/2008 - 17/11/2008 B 7933 7066532 31.14 531033 Regal Entertainment & Consultants Ltd. Shri Satish Kusumbiwal 11/11/2008 B 500 -- 505075 Setco Automotive Limited Udit Sheth 17/11/2008 B 100 264900 3.00 511754 Shalibhadra Finance Ltd. Mrs. Sheetal M Doshi 18/11/2008 B 200 1030535 20.59 532890 Take Solutions Ltd R Sundara Rajan 27/10/2008 B 5000 -- 532890 Take Solutions Ltd R Sundara Rajan 06/11/2008 S 5000 -- 532619 UTV Software Communications Ltd. Reliance Media and Ent. Fund 14/11/2008 S 137083 0.40 79990 0.23 532619 UTV Software Communications Ltd. Reliance Long Term Equity Fund 14/11/2008 S 594254 1.74 346751 1.01 500095 Wyeth Ltd. K K Maheshwari 19/11/2008 S 100000 33187 506720 Zandu Pharmaceuticals Works Ltd Emami Limited 11/11/2008 B 3723 0.46 546433 67.76 506720 Zandu Pharmaceuticals Works Ltd Emami Limited 12/11/2008 B 3766 0.47 550199 68.23

B - Buy

S - Sale

RESEARCH REPORTS

>Failed acquisitions of INDIAN Inc (Blessing in disguise)

The first half of year 2008 saw INDIA Inc overseas acquisition Juggernaut in full flow!!!

Tata's ---------JAGUAR and LANROVER

Birla's--------- NOVALIS

HCL Tech------ AXON

Then came Credit crisis(worst in decade) money crunch. lenders turned apathetic!!!
Of course they had too as they had to fill there own money sucking holes.

In the first half of year we even witnessed few failed Acquisitions too.

First Bharti tried MTN (Gave up soon)
Later RCOM joined the race and almost won the bid,Here comes the brotherly rivalry
Mukesh spoiled Anil's ambitious plan to acquire MTN.

I am sure Anil must be thanking Mukesh for that.(Blessing in disguise).

Then we witnessed bidding war between two IT majors INFOSYS & HCL TECH

Though INFOSYS gave up after some try and it was a topic to debate for quite some time why
INFOSYS gave up.
Well in present situation it looks like it was a wise decision.Infy loss is a gain now. (Blessing in disguise)

The biggest buyout was of Malvinder singh's RANBAXY by Japanese major DIACHII (aaiii ooo chiii)
He sold his company for mouth watering price and is sitting on huge pile of cash:)
Indeed "Singh is king" in this case.



RESEARCH REPORTS

>INSIDE TRADING 19-11-2008

520155 ABG Infralogistics Ltd Saket Agarwal 14/11/2008 B 3855500 30.07 7711000 60.14 531897 Accentia Technologies Ltd. Pradeep Suseela Viswambharan 18/11/2008 B 2434 0.02 1730394 12.27 508869 Apollo Hospitals Enterprises Ltd., CLSA (Mauritius) Ltd. 14/11/2008 B 4275000 7.10 4275000 7.10 532781 Blue Bird (India) Limited Mr. Satish D. Bhagwat 05/11/2008 B 5000 1889486 5.39 532616 Cambridge Solutions Limited Katra Finance Limited 14/11/2008 B 12527225 11.24 12527225 11.24 532616 Cambridge Solutions Limited Scadent Holdings Mauritius Limited 14/11/2008 S 12527225 11.25 55780332 519600 CCL Products (India) Ltd. Challa Srishant. 11/11/2008 B 9500 0.07 688190 5.17 519600 CCL Products (India) Ltd. Challa Shantha Prasad. 11/11/2008 B 6655 0.05 1127055 8.47 530871 Chembond Chemicals Ltd. Dr. Vinod D. Shah. 11/11/2008 B 1000 -- 532902 Consolidated Construction Consortium Ltd R Sarabeswar 17/11/2008 B 11600 1668896 4.51 532902 Consolidated Construction Consortium Ltd V G Janarthanam 17/11/2008 B 4600 965398 2.61 532902 Consolidated Construction Consortium Ltd S Sivaramakrishnan 17/11/2008 B 9500 1678330 4.54 532902 Consolidated Construction Consortium Ltd T R Seetharaman 17/11/2008 B 4300 199833 0.54 511072 Dewan Housing Finance Corpn. Ltd., Wadhawan Holdings Pvt Ltd 14/11/2008 B 3466 3686773 6.09 522261 Dolphin Offshore Enterprises (India) ltd. Satpal Singh 17/11/2008 B 211 655411 6.85 522261 Dolphin Offshore Enterprises (India) ltd. Rear Admiral Kirpal Singh 17/11/2008 B 1000 481282 5.03 504000 Elpro International Ltd., Faridabad Investment Co. Ltd. -- B 31500 0.79 1530642 38.73 526227 Filatex India Ltd. Purrshottam Bhageria 12/11/2008 - 14/11/2008 B 35990 1310125 7.64 526881 Financial Technologies (India) Ltd Passport India Invests. (Mauritius) Ltd, 12/11/2008 B 25000 3236438 7.05 504028 GEE Ltd. Vitro Commodities Pvt Ltd. 12/11/2008 B 50000 0.34 50000 0.34 532312 Geometric Ltd Godrej Investments Pvt Ltd 10/11/2008 - 17/11/2008 B 51532 5472969 8.81 532980 Gokul Refoils and Solvent Limited Pacific Corporate Services Ltd. 14/10/2008 B 2500 0.01 947221 3.59 532980 Gokul Refoils and Solvent Limited Pacific Corporate Services Ltd. 27/10/2008 B 28000 0.11 975221 3.70 532980 Gokul Refoils and Solvent Limited Pacific Corporate Services Ltd. 28/10/2008 B 6724 0.03 981945 3.73 532980 Gokul Refoils and Solvent Limited Pacific Corporate Services Ltd. 29/10/2008 B 4926 0.02 986871 3.75 532015 Gravity (India) Ltd. Smt. Dakshaben R Thakkar 12/11/2008 B 4597 42368 0.47 501455 Greaves Cotton Ltd. M/s Karun Carpets Pvt Ltd 10/11/2008 - 12/11/2008 B 405000 0.83 -- 519552 Heritage Foods (India) Ltd. Franklin India Smaller Cos Fund( FISCF) 12/11/2008 S 700000 6.07 161586 1.40 500202 India Lease Devl. Ltd., MGF Services Ltd. 14/11/2008 B 5000 206743 2.03 532379 IQMS Software Ltd. Dr. Vivek Hebbar 14/11/2008 - 18/11/2008 B 50000 0.03 250000 0.14 532976 Jai Balaji Industries Limited K.D.Jajodia Steel Industries Pvt Ltd. 12/11/2008 B 50000 0.11 2234950 4.74 532976 Jai Balaji Industries Limited K.D.Jajodia Steel Industries Pvt Ltd. 14/11/2008 B 100333 0.21 2335283 4.95 532741 Kamdhenu Ispat Limited Shivani Agarwal 10/11/2008 B 7566 0.04 238733 1.26 532741 Kamdhenu Ispat Limited Shivani Agarwal 12/11/2008 B 1502 0.01 240235 1.26 500257 Lupin Ltd Naresh Kumar Gupta 05/11/2008 S 3000 660 500257 Lupin Ltd Sakti P Chakraborty 07/11/2008 S 3500 8350 0.01 500257 Lupin Ltd Debabrata Chokraborty 07/11/2008 S 3409 60 500257 Lupin Ltd Atul Janardan Gore 05/11/2008 S 500 570 500257 Lupin Ltd Udayan S Ambegaokar 07/11/2008 S 316 4534 500257 Lupin Ltd Dant Muralikrishna 07/11/2008 S 750 -- 500257 Lupin Ltd Bosco Caridade Martins 07/11/2008 S 180 500 500257 Lupin Ltd Varun Khanna 07/11/2008 S 2362 50138 0.06 500257 Lupin Ltd Kusum Gupta 07/11/2008 S 100 379 523704 Mastek Limited Ketan Mehta. 11/11/2008 - 12/11/2008 B 1000 2505500 9.32 523704 Mastek Limited Sudhakar Ram. 11/11/2008 - 12/11/2008 B 1600 2777680 10.33 523704 Mastek Limited Ashank Desai. 11/11/2008 B 900 3174980 11.80 523704 Mastek Limited Sudhakar Ram. 11/11/2008 B 1900 2779580 10.33 523704 Mastek Limited Ketan Mehta. 11/11/2008 B 1500 2507000 9.32 532850 MIC Electronics Limited Y.N.V.Trinadha Babu. 11/11/2008 S 50000 0.50 -- 501343 Motor & General Finance (M.G.F.) Lt Ram Prakash & Co Pvt Ltd. -- B 21383 0.11 398767 2.06 513023 Nava Bharat Ventures Ltd P Trivikrama Prasad 17/11/2008 B 10000 1446992 11.86 513023 Nava Bharat Ventures Ltd A N Investments Pvt. Ltd. 17/11/2008 B 10000 0.01 3426832 4.40 533015 Nu Tek India Limited Sumati Sharma 03/11/2008 - 14/11/2008 B 137870 243645 531157 Organic Coatings Ltd. Dhaval J Nanavati 12/11/2008 B 350000 351000 5.26 531157 Organic Coatings Ltd. Vimal C Mehra J/W Hemlata V Mehra 12/11/2008 B 350000 5.25 350000 5.25 531120 Patel Engineering Ltd Patel Realtors Pvt Ltd 10/11/2008 - 14/11/2008 B 12118 0.02 14111725 23.65 526247 Premier Explosives Ltd. A N Gupta -HUF 11/11/2008 B 833 0.01 338562 4.17 526247 Premier Explosives Ltd. A N Gupta 11/11/2008 B 2400 0.03 1190736 14.65 531273 Radhe Developers (India) ltd. Ashish P. Patel 10/11/2008 B 1000 1854252 18.21 531273 Radhe Developers (India) ltd. Ashish P. Patel 11/11/2008 B 1235 1855467 18.23 531273 Radhe Developers (India) ltd. Ashish P. Patel 12/11/2008 B 5000 1860467 18.28 531273 Radhe Developers (India) ltd. Ashish P. Patel 14/11/2008 B 500 1860967 18.28 532348 Subex Ltd Subash Menon. 11/11/2008 - 12/11/2008 B 176000 2057307 5.90 532874 Suryachakra Power Corporation Ltd. Mrs. M Mangatayaru 17/11/2008 B 21000 1069818 1.40 507785 Tainwala Chemicals & Plastics Ltd Dungarmal Tainwala 17/11/2008 B 8500 2219920 23.70 532804 Technocraft Industries (India) Ltd. Sudharshan Kumar Saraf 18/11/2008 B 7112 8543265 27.09 532804 Technocraft Industries (India) Ltd. Sharad Kumar Saraf 18/11/2008 B 7395 215162 0.06 532953 V-Guard Industries Ltd. Kochouseph Chittilappilly 11/11/2008 - 14/11/2008 B 33672 6358970 21.30 511147 Wall Street Finance Ltd. Mr. Arif A. Patel. 14/11/2008 B 15261 50800 0.30 532648 Yes Bank Ltd. Aditya Sanghi 12/11/2008 B 200000 1050150 532648 Yes Bank Ltd. Alok Rastogi 12/11/2008 B 50000 50000 532648 Yes Bank Ltd. Deodutta Kurne 12/11/2008 B 50000 50000 532648 Yes Bank Ltd. Rajat Monga 12/11/2008 B 75000 326271 532648 Yes Bank Ltd. Somak Ghosh 12/11/2008 B 100000 400000 532648 Yes Bank Ltd. Suhail Kazmi 12/11/2008 B 50000 50000 532648 Yes Bank Ltd. Sumit Gupta 12/11/2008 B 60000 61500 532648 Yes Bank Ltd. Suresh Sethi 12/11/2008 B 50000 550000 532648 Yes Bank Ltd. Umesh Jain 12/11/2008 B 40000 40000 532648 Yes Bank Ltd. Varun Tuli 12/11/2008 B 60000 62000 532648 Yes Bank Ltd. Sandeep Sarkar 12/11/2008 B 40000 55000 532648 Yes Bank Ltd. Sanjay Palve 12/11/2008 B 50000 58750 532648 Yes Bank Ltd. Sandeep Baid 12/11/2008 B 65000 152500 532648 Yes Bank Ltd. Vikas Dawra 12/11/2008 B 50000 50000

B - Buy

S - Sale

RESEARCH REPORTS