Trading recommendations - Oct 11, 2004

Glaxo - This MNC pharma major is a frequent feature in our recommendations and is consolidating at the current levels after a steep run upwards. A breakout above the recent top will see the scrip cross the 700 mark. The recent announcement by the PM that the patent regime will be changed by the WTO schedule is a major trigger for the MNC pharmaceutical sector. We recommend a buy for the long term players.

Your call of action - .

• Investors / cash segment players - Buy for the medium term at the 640 levels and hold with a stop loss at the 610 levels and expect to book profits at the 690 partially. Longer term players can expect higher levels of 725 levels.

• Aggressive F&O traders - derivatives n/a.

• Derivatives contract size - derivatives n/a.

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