Call for the day: Voltas & Tatamotor.

Market Outlook: Indian markets are expected to open with a gap down and trade with negative sentiments taking cues from the global markets amid concerns that Greece may default on its debt. The speculation of default had battered the US markets and dragged down European equities on Friday. Asian markets are trading weak; Hang Seng down 3%, Straits Times down 2%. Europe's deepening debt problems and talks of yet another interest rate hike by the RBI are likely to keep stock investors on the edge this week. While the central Bank is widely expected to raise key policy rates by 25 basis points on Friday, the bigger focus will be on RBI governor's comment on the direction of interest rates. Indian Markets are following global cues, so we continue to hold a cautious outlook with support 4890 and resistance at 5080.

Global events to watch for:

Þ Wholesale Trade.

Þ Europe's deepening debt data.

Global indices Update @ 8:

Dow Jones : 10992 (-303.6)

NASDAQ : 2467 (-61.15)

Nikkei 225 : 8562 (-175.1)

Hang seng : 19261 (-605.1)

SGX CNX Nifty : 4957 (-86.00)

Gold (USD/t oz.) : 1854 (-05.00)

Nymex Crude (F) : 86.04 (+00.20)

INR / 1 USD : 46.38

Technical Outlook: Not updated we will resume as soon as possible.

Call for the day: Voltas & Tatamotor.

Short call on Voltas: The stock has generated head & shoulder pattern breakdown on hourly chart along with good volumes. Besides this on Friday stock has breached & closed below its 20 DMA. Open interest data indicate aggressive short built up in the counter.

Strategy: Go short in a range of Rs 121-123 with target price of Rs 117 maintain stop loss above Rs 126.

Sell Tatamotor (152.6): Target 147/145, Stop loss: 158. (Stock Split from Rs. 10/- to Rs. 2/-)

Stocks in action for the day: GTL, Bharti Airtel, Rpower, Nalco, Axis Bank, Tata Motors

GTL surged higher as the company announced that bankers have approved debt restructuring. Debt recast could pave way for sale of tower business.

R-Power scraps yet another project, this time in Raigad: Anil Ambani-controlled Reliance Power (R-Power) wants to scrap its proposed 4,000 megawatts (MW) power project at Shahpur in Maharashtra's Raigad district It has written to the Raigad District Collector withdrawing from the project. The company had earlier stopped work on the 4,000 MW Krishnapatanam ultra mega power project (UMPP) following an increase in international coal prices. That makes Shahpur the third R-Power project facing an uncertain future. The first one was the 7,480 MW gas-based Dadri project in Uttar Pradesh, which failed to get under way because of the non-availability of gas from Reliance Industries' Krishna-Godavari basin well.

Tata Motors CEO Carl Peter Forster resigns (ADR was down 9% to USD 15.35 on Friday) -Forster resigned citing unavoidable personal circumstances. -Forsters resignation termed a setback as company struggles to boost sales in Europe & India -Forster to remain non-executive member of board

RBI clears Axis -Enam all stock deal: Deal only 1-2% dilutive -Axis board to meet next week to approve deal -Axis declined to comment

RIL on CAG Report -KG-D6 project completed in 'timely manner' -Project completed despite hostile weather conditions -Project completed despite supply chain constraints -Confident to unlock KG-D6 full potential with BP partnership -E&Y found no evidence of costs being overstated in purchases -RIL asked E&Y to perform procurement audit -RIL asked E&Y to confirm costs correctly allocated to KG-D6 -E&Y confirmed vendors' receipt of payments -E&Y confirmed vendors didn't make payments to RIL -E&Y confirmed vendors' bidding was market competitive -Only 1% of total project cost incurred via related parties

Osamu Suzuki on Manesar says -No compromise on discipline -Workers will have to sign good conduct bond

UltraTech says -Rise in coal prices by 30% (YoY) have hurt company's margins -Plans to hike capacity from 52 mtpa to 75 mtpa -Will look at organic, inorganic growth in the future

IPO Corner PG Electroplast IPO close today (Price band Rs 190-210/sh) QIB: 0.98x, NII: 0.67x, II: 0.06x, Overall: 0.61x

Steel Ministry plans to increase iron ore export duty by 10%

GMR submits EOI for Madrid and Barcelona Airport – BS

Nalco shuts 60 of its 960 smelting pots at its Orissa plant due to power shortage, will result in production loss of about Rs 6 crore/day – BS

Tonira Pharma to merge with IPCA Labs , IPCA currently holds more than 32% on Tonira – BS

Karnataka imposes Rs 140 crore in penalties on 13 iron ore mining companies

Biocon to invest USD 161 million in Malaysia

Kingfisher Airlines in plans to ramp up international operations

Axis IT &T to consider & decide upon restructuring options

Nitin Fire Protection Industries to consider bonus issue of shares

Ex Dividend: Amrutanjan Healthcare Rs 10/sh, Gujarat Apollo Industries Rs 5/sh, Ruby Mills Rs 5/sh

F&O ban: ABG Shipyard, Gitanjali Gems

Stone India has executed consortium agreement with NRT of Korea to bid for platform screen door project for Kolkata East-West Metro. The consortium will bid for other upcoming metros in the country.

Bharti Airtel has been awarded license to operate 2G and 3G mobile services in Rwanda.

Lloyd Electric & Engineering has approved acquisition of heat exchangers business of Perfect Radiators & Oil Coolers. The company will also enter into retail segment of consumer durable goods by acquiring intangible rights, title and interest in the registered trade logo 'Lloyd' from Fedders Lloyd Corporation.

Ingersoll Rand India has entered into a lease with Mahindra World City Developers for acquiring 10.75 acres of industrial land located at Chengalpattu Taluk in Kancheepuram, Tamil Nadu.

Tak Machinery were witnessing selling pressure after the Life Insurance Corporation of India sold 35070 equity shares at Rs 234 per share.

Info Edge has proposed to invest an additional amount of Rs 20 crore through a mix of equity and convertible preference shares in Applect Learning Systems, which is engaged in online education and assessment business. The company had invested Rs 11.5 crore in earlier rounds of funding in the aforesaid business.

Delta Corp. which owns offshore casinos in Goa, is in talks with some of the largest hotel and casino operators in the world, including the Las Vegas-based MGM Resorts International and Caesars Entertainment, to sell a stake.

The tractor unit of Mahindra & Mahindra has begun construction of a new engine plant in Yancheng City of China's Jiangsu province.