Trading recommendations - Apr 23, 2005

Tata Motors - this scrip is showing a pullback after a steep fall and poor volumes mark the upsides. Retracement studies make us believe that upsides will run into resistance at the 457 / 458 levels and short selling is advocated. Additional impetus to short selling is likely from the higher crude prices.

Your call of action -

• Investors / cash segment players - n/a.

• Aggressive F&O traders - Short the May futures at higher levels of 448 / 450 and a stop loss be maintained at the 462 levels. Expect to book profits at the 412 - 418 levels.

• Derivatives contract size - Market lot = 825 shares. F&O margin = approx Rs 58,000 (subject to change daily )

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