Shriram Transport Finance :      As expected, the scrip corrected yesterday after making year-high @ Rs.1127. The share can go down to Rs.1000 or even to Rs.990, a one-year strong resistance area, which has been comfortably broken on the upside, in spite of poor results. After this technical break-out, the share is likely to trade in the Rs.900 -1100 price range for about 2-4 weeks. If the new support area at Rs.1,000 is not held in the short term, then the price can fall down to Rs.900, which is a long term strong support area where the convergence of 100 & 200 DEMA is placed.

 G R CHARI

Our take: Mr Chari's accuracy ratio has been extremely commendable. Sharp spike in price on Monday was caused, apart from upgrades by various brokerage houses, by wild rumours ( Ajay Piramal taking mgtmnt control). Business model of co is good but Q4 financials in terms of drastic fall in NP and big spike in NPAs really bad.Moreover, upgrades by brokerage are normally long term TP but operators by spreading rumours did ramp up the price. We are hopeful that share price is poised for further fall