Trading recommendations - Nov 08, 2003

ICICI Bank - This new age bank has been recommended by us frequently and has been a market out-performer in the recent times. The scrip has never looked back after a breakout above the 230 levels. The stock has a support at the 13 and then the 30 day SMA's. The oscillators are supporting an upmove and the scrip is making higher bottoms and tops which is a positive sign. This stock holds the highest potential amongst the recommendations made herein. Patient position traders may buy into the counter on major declines. Expect the previous high to be surpassed in the coming rally.

Your call of action - 

• Investors / cash segment players - delivery based investors may buy the scrip on declines upto 235 / 237 levels and maintain a stop loss at the 225 levels. Expect a target price of 265 in the near term.

• Aggressive F&O traders - Buy the November futures at lower levels of 238 and maintain a stoploss at the 231 levels. Expect profit taking at the 258 / 262 levels. Options players can buy the November 250 calls at a premium of Rs. 8

• Fixed income strategy - Not available.

• Derivatives contract size - Market lot = 1400 shares. Futures margin = Rs 62,000 approx ( margins subject to change daily )

Your feedback is important ! Please click here to let us know your views. Click here to inform a friend about this page on our website.