On Wednesday RIL and HDFC Bank led the markets sharply down. Nifty closed near the critical resistance of 11,200 levels. The Fed liquidity decision will keep the liquidity taps flowing when the RBI meets for the policy meet too. Here are some trading ideas.

· Buy Tata Chemicals at Rs.310 for target of Rs.350 in a month as it is a good play post the restructuring of the salt business. It is also very reasonable in valuation terms.

· If you missed out on GAIL you can still accumulate at Rs.99 for targets of Rs.145 for investment purposes. It will gain as the hydrocarbon mix shifts in favour of gas.

· I reiterate my call to buy Ambuja Cements at Rs.215 for upside targets of Rs.245. Pick-up in cement demand from rural and semi-urban sites is likely to keep demand buoyant.

Fed has given the easy liquidity signal and the expiry on Thursday is expected to be smooth. The 11,200 levels will continue to be critical for Nifty.