Gas Authority - This PSU gas major was recommended as a buy between 112 - 118 and was triggered on 5/8/03 & 6/8/03. Those positions are deeply in the money. The scrip is in an intermediate uptrend as the stock has gained over 50 % in the last 15 weeks. The recent media reports of de-regulation of the gas sector is likely to see free pricing ( upward revision ) of natural gas prices. The other positive trigger for the stock is the carriage of fibre optic cable along it's gas grid in Rajasthan & Gujarat, which will result in additional revenues for the company. A buy in small lots for PSU stock enthusiasts. The oscillators are signaling a bullishness in the short term.

Your call of  action - 

• Delivery investors - We recommend buying the scrip for delivery based investors at the 120 levels in a correcting market. Previous long positions must be held ( if not liquidated at our target of 130 ) with a trailing stop loss at the 122 levels. For fresh buying at 120 levels, maintain a stop loss at the 114 levels and expect a price target of 140 in the near term - in a firm market.

• Aggressive F&O traders - Derivatives not available on this counter.

• Derivatives contract size - Derivatives not available on this counter.