DAY PERFORMANCE:
As many people expected, Nifty opened with Gap Up and Big Bang way. But it has hold at 7906 level itself (we expected resistance at 7920) and started giving up its gains there after. Finally its closed 98 pts gain. Closing at 7880 level is good closing for Nifty and in case it breaks Trend Line resistance and 50 DMA, we can expect some more up movement in Nifty. Any how traders should watch 7850 level on EOD basis to cover up their short term longs.
STOCKS FOR DAY:
IDEA: BUY > 152 TRG 157/160 SL 148
ACTUAL: LOW : 155.05 HIGH: 161.70
HDFC: BUY > 877 TRG 896 SL 866
ACTUAL: LOW: 890.20 HIGH : 909
IRB: BUY > 229 TRG 233 SL 226
ACTUAL: LOW: 232.70 HIGH: 237
(MANY PEOPLE MIGHT HAVE NOT ABLE TO TRADE, BECAUSE MARKET OPEN WITH (ALMOST 300 PTS PLUS) GAP UP. TRADERS SHOULD KNOW HOW TO TRADE WITH GAP UP SITUATIONS.
WHEN EVER GAP UP HAPPENS, FOR DAY TRADERS, MOST OF THE TIME TECHNICAL CALLS WILL BE NOT AVAILABLE AT SUPPORTING LEVELS. INSTEAD OF WAITING FOR SUPPORT LEVELS, WE HAVE TO GO FOR MOMENTUM CALLS (EVEN SAME STRIPS) INSTEAD OF CHOOSING THE STOCKS IN ITS RETURN JOURNEY. THIS MOMENTUM CALLS DEMANDS HIGH VOLUMES WITH LESS MARGINS AND BEARABLE STOP LOSS. FOR EXAMPLE GOING FOR 100 UNITS WITH TWO RUPEE PROFIT. WE SHOULD GO FOR 500 UNITS WITH 0.50 PCS PROFIT.
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