Trading recommendations - April 19, 2004
Tata Power - This counter has broken out of the congestion levels of the 411 short term resistance zone and closed above that level. Our investors will recollect that we had forecast a price target of 450 over the medium term as the counter has generated a buy signal above the 400 mark. That recommendation has been highly accurate so far. We advocate a hold / buy on the stock.
Your call of action -
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Investors / cash segment players - fresh entry on the counter maybe taken at the current levels with a stop loss at the 402 levels and a price target of 421 should be expected in the near term. Above the 421 mark, the next target is the 428 levels, which maybe possible by the month end.
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Aggressive F&O traders - Buy the April series futures at the current levels and maintain a stop loss at the 414 levels. Expect profit taking at the 422 levels in the near term and at 426 in a firm market before results.
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Derivatives contract size - Market lot = 800 shares. F&O margins = approx Rs. 70,000 ( subject to change daily ).
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