Trading recommendations - Jan 04, 2004

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Reliance - this scrip has quite simply been the most prolific recommendation and also one of the most profitable since months. We have been repeatedly advocating that this scrip is capable of leading the market rally from the front and our expectations have been fulfilled. Previous reco dates have been 05/07/03, 26/07/03, 02/08/03, 09/08/03, 23/08/03, 30/08/03, 06/09/03, 20/09/03, 27/09/03, 4/10/03, 11/10/03, 26//10/03, 01/11/03, 08/11/03, 20/12/03 and 28/12/03 ( click here to view our previous editions ). The previous weeks target of 550 has been met and surpassed and given excellent returns to our investors. The scrip will signal a breakout above it's previous congestion levels above 590 and trigger a buy for the swing trader. The stock is trading at it's all time high and is likely to appreciate further.

Your call of action - 

• Investors / cash segment players - we advocate purchases above 590 and with a stop loss at 574 and a target of 610 be maintained before the month end.

• Aggressive F&O traders - Traders may buy the January futures at a price of 592 and maintain a stop loss at the 581 levels. Expect to book profits at the 610 - 615 levels. Options players can buy the January calls at a strike of 600 and a premium of Rs 15 - 16.

• Fixed income strategy - n/a

• Derivatives contract size - 600 shares. F&O margins approx Rs 80,000 ( margins subject to change daily)

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