2010 will be less volatile than 2009. Government is focussed on Infrastructure which will be the next IT boom of 90's. Earnings seem reasonable and valuations has room to move upwards on back of better earnings quarter in quarter. An expected move of about 10% from present levels of Nifty seems plausible.

Stocks to watch:

• AB Nuvo - play on insurance with IPO norms expected
• Kale Consultants - superb earnings
• Mahindra Satyam - value play
• Mundra Port - Only state of art materials handling port of its size in the country and 5000 acres manmade economic zone
• Maytas Infrastructure - contrarian play with huge leverage on back of large infrastructure play
• TVS Motors - improved earnings
• United Spirits Ltd - largest spirits fmcg play with top 3 global owner of marquee brands
• Hindustan Zinc - play on zinc prices; best mining assets
• JSW Steel - value and capacity yet to price in
• Bank Bees - play on Indian economy