Trading recommendations - March 28, 2004

Tata Power - this counter was recommended a few weeks ago as making a flag formation which turned out to be a false breakout as the market sentiments weakened. The fact that the scrip has made a higher bottom shows the strength in the counter. A close above the channel top and the moving averages at the 375 levels for 1-2 days will put the scrip on the bullish path again. We recommend a buy on advances in a rising market.

Your call of action - 

• Investors / cash segment players - buy the scrip for delivery in small lots at the present levels with a stop loss at the 362 levels and profit target of 395 levels in the near term in a conducive market.

• Aggressive F&O traders - Buy the April futures in small lots at the current levels ( 371 ) with a stop loss at the 364 levels and a profit target of 382 in a firm market.

• Derivatives contract size - Market lot = 800 shares, F&O margins = approx Rs 61,000 ( subject to change daily ).

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