Trading recommendations - Feb 15, 2004

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Ranbaxy - This counter has been another frequent recommendation and is a strong market out-performer. We had recommended this scrip vide our editions dated - 07/06/03, 14/06/03, 28/06/03, 05/07/03, 12/07/03, 19/07/03, 23/08/03, 01/11/03, 06/12/03, 20/12/03, 03/01/04 & 17/01/04 Click here to view previous editions. The stock is one of the top 5 outstanding futures long positions as on Friday and that speaks volumes about the bullish expectations on the counter. The scrip is turning higher without testing / violating it's 200 day SMA and that is a positive sign. The oscillators are pointing towards a likelihood of a short rally.

Your call of action - 

• Investors / cash segment players - Buy the counter above the 1005 - 1010 and maintain a stop loss at the 980 mark. Expect a price of 1030 - 1035 in the immediate future in a conducive market. Longer term investors may expect a higher level over a 6 month period.

• Aggressive F&O traders - Buy the Feb futures above the 1007 levels and hold with a stop loss at the 998 levels. Expect profit taking at the 1020 in the near term, though slightly higher levels are possible too.

• Derivatives contract size - Market lot = 800 shares, F&O margins = approx Rs. 1,35,000 ( subject to change daily ).

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