Tomorrow seems to be a day to short sell Nifty around 4650 level for T-4500-4300 in few days’ time!
Nifty shorts may not be squared until RIL CLOSES above 2320.
Once the big brother RIL starts closing above 2320, better exit Nifty Shorts (because RIL may then test 2500 level) and short again once RIL starts weakening from higher level.
This is only for educational purpose,
this is NOT for trading
Think Tank
Do Paper Trading before you start trading with your hard earned money.
Instead of Targeting profit, emphasize more on minimizing trade loss
Today Nifty levels 3336 and 3394 are to be watched for further new long/short positions.Nifty's ultimate target today is 3280 with resistance at 3420
RIL levels 1730 and 1680 are to be watched for further new long/short positions. DLF levels 245 and 235 are to be watched for further new long/short positions.
What Experts Say and what meaning I take from it !!!
11:55 AM - Buy Reliance Power on dips at Rs 90, says Rajesh Tambe of Sunchan Securities on Zee Business. BOOK PROFIT TODAY BECAUSE IT WILL COME DOWN NOW
12:18 PM - Buy Mercator Lines on dips at Rs 27-28 with long-term view, says Prakash Gaba, technical analyst, on CNBC Awaaz. BOOK PROFIT TODAY BECAUSE IT WILL COME DOWN NOW
2:16 PM - Sell Nifty T-3170 SL@ 3320, Hemen Kapadia DO NOT BUY FRESH NIFTY LONG AND EXIT LONG AT 3170
2:28 PM-Buy RIL T-1722 SL@1662, Hemen Kapadia…. Hit SL but closed @1671 BECAUSE RIL HAS HIT SL(BUY) TODAY SO BOOK PROFIT IN RIL AND SHORT SELL BELOW 1650
2:42PM-Buy SBI T-1194 SL@1134, Hemen Kapadia….. Closed below SL !!! EXIT SBI LONG POSITIONS
3:17 PM - Buy Nifty futures with a target of 3450 and stop loss of 3150, says Ashwani Gujral
HOLD SHORT/FRESH-SHORT NIFTY BELOW 3150
3:21 PM - Sell Nifty futures with a target of 3170 and stop loss of 3290, says Prakash Gaba
EXIT NIFTY LONG POSITIONS BELOW 3170
3:23 PM - Hold Nifty longs, it has resistance at 3330 and support at 3220, says Rahul Mohindar
EXIT NIFTY LONG BELOW 3220
3:25 PM - Hold existing long positions with target of 3275 and stop loss of 3215, says Vijay Bhambwani
EXIT NIFTY LONG BELOW 3215
The conclusion seems to be Hold Nifty shorts created today with SL@3275 and add more shorts below 3170
This is only for educational purpose, this is NOT a trading idea for intraday or delivery
Do Paper Trading before you start trading
with your hard earned money
Today on April 6, Nifty seems to be still in bull run.
Now the question is whether Nifty@3320-3350 and Reliance Industries @1720-1750 will create profit booking and buying on dips or profit booking and also short selling?
Nifty seems to have good support around 3040 as of now.
At the moment bears seems to be caught red handed.
Nifty at 3040, which was resistance, now it has become support.
And now resistance seems to be in the range of 3164-3174 for today on closing basis. Intraday Nifty future may test 3200 to hit bears ultimate stoploss of today !
It may worth to buy Nifty3100PE in the range of 60-63 and holding it for target of 120-240 in this month.
This is only for educational purpose, this is NOT a trading idea for intraday or delivery
The risky traders may watch out now for good opportunity to short sell Nifty Future.
May be only one lot to start with and then add more once you are in profit of 50 points.
Averaging in loss is not good strategy, instead averaging in profit seems to be better strategy.
Anyone's trading may be wrong at times, sometimes it is better to accept that trade was wrong and book small loss instead of carrying om the burden and waiting for your target to reach.
This is only for educational purpose, this is NOT a trading idea for intraday or delivery
Think Tank
Do Paper Trading before you start trading with your hard earned money.
Instead of Targeting profit, emphasize more on minimizing trade loss
3:54 PM - Buy Titan Industries with a target of Rs 800-825 and stop loss of Rs 750, says Nitin Murarka of SMC Global, on Zee Business.
3:51 PM - Buy Crompton Greaves with a target of Rs 140 and stop loss of Rs 105, says Nishant Jain of Tradeswift, on CNBC Awaaz.
3:45 PM - Buy DLF with a target of Rs 178-200-210 and stop loss of Rs 160, says Nitin Murarka of SMC Global, on Zee Business.
3:27 PM - Book profits on Nifty longs at 3100-3150, says E Mathew, technical analyst, on CNBC Awaaz, as closing market strategy.
3:26 PM - Book profits on longs, says Ashwani Gujral, technical analyst, on CNBC Awaaz, as closing market strategy.
3:23 PM - Take long positions in Nifty April futures, says Rajat Bose, technical analyst, on CNBC Awaaz, as closing market strategy. Go long on JP Associates and TTML, he adds.
3:14 PM - Nifty downside support is 2850 and upside at 3150 where there could be fresh supply, feels Siddharth Bhamre of Angel Broking on Zee Business. This is not a market to go short, he feels. Do not sell on rises but wait and buy on dips in this market now, he adds.
3:10 PM - There is some more steam in this rally with Nifty support at 2700-2800 and Sensex support at 8000, says Ajay Bagga of Deutsche Bank on CNBC Awaaz. This rally could possibly take Nifty to 3200 and Sensex to 11000, he adds. Corporate earnings and elections are the only two domestic event risks for the market now, he feels.
2:23 PM - Buy Unitech with a target of Rs 40 and stop loss of Rs 33, says Nitin Murarka of SMC Global, on Zee Business.
11:47 AM - Buy Reliance Industries for long position with target of Rs 1750-1760, says Ashwani Gujral, technical analyst, on CNBC TV18. Keep stop loss of Rs 1465, he adds.
10:51 AM - Sell Akruti City because it is a volatile stock, says Rahul Mohindar, technical analyst, on CNBC Awaaz.
9:32 AM - Nifty is unlikely to remain below 2950 and should cross the 3000 level, says Rajat Bose, technical analyst, on CNBC TV18. It has resistance at 3020 and major resistance at 3080-3110, he adds. He recommends buying on dips.
Food is tasteless without spices. While one may manage a few meals without them, it is difficult to continue doing it day after day.
Something similar applies to our investing too. If we invest for long-term whether in debt or equity; if we have to keep patience and see our investments grow with time; if we don't do something actively; we tend to get bored. In fact we may even end up doing something foolish, if the wait becomes frustrating.
So we need to add a bit of spice to keep our interest going in building a long-term portfolio and wealth. Therefore, for that enjoyment and kick, one can look to doing some day trading.
But remember - just a little bit. Too much of spice makes the food unpalatable. Moreover, you cannot survive only on spices. But before, we jump into day trading here are a few guidelines, which may prove useful.
Allocate not more than 3-5% of your corpus:
Make sure that you do not allocate more than 3-5 per cent of your equity corpus for day trading. This is a high risk strategy and so even if one were to lose all money it will not hurt the overall financial situation. Yes the loss will pinch for some time, but you will get over the pain shortly. Moreover, it will enable you to come back and try again.
It doesn't become any easy with all the technological support:
People are attracted to day trading by watching the stock market tickers 24 hours on news channels. Fundamental information/technical charts are available on a number of websites and most of all there is the ease of online trading.
But these are mere technological tools which only facilitate easier availability of data and execution of trades. We have to learn to interpret that data correctly and convert it into meaningful information. Easy availability of data does not make everyone a genius. And those tickers can be very tempting like chocolates. Have self-control to a them.
Educate yourself:
It is a must that you understand all lingo of day trading, futures, call option, put option, delta, stop loss trigger among others. You need to be familiar with all such terms as you will come across these in your day trading. This will help to understand what experts are saying.
You must also be aware of the economic situation to take a proper view on the market and stocks. How will oil prices impact the market? What effect interest rates will have on the stocks you want to trade in? For example, rise in interest rates may have negative impact on capital intensive companies, which depend on a lot of debt. But may be good for cash-surplus IT companies.
Choose large cap stocks which have high trading volumes. You don't want to get stuck with an illiquid stock. Moreover, such stocks will have good amount of technical information. Try to predict the general direction instead of trying to hit tops and bottoms. Keep a track of all your trades and analyse them. Over a period time you will be able to pick up useful trends.
Learn to book your losses and gains:
The main reason why people lose money in day trading is because they are averse to making losses. If you have taken a wrong call or the market is not going as per your expectation, be very sure to book losses. Do not live on the hope that the market will turn around.
In fact, even before you make an investment, first decide at what loss you will exit. Stop loss pricing is the key to becoming a successful day trader. Always focus on limiting your losses, not maximizing your profits. Never add to a losing position. It is a prescription for disaster.
Similarly, don't be greedy. Book profits at regular intervals. A number of small gains is a more realistic strategy than going in for one to two big kills. Markets, in the short-term, are never logical, so don't try to assume anything. Flow with the market. Stick to the objective rules of profit/loss booking.
Discipline and emotional balance is critical to success. Profits should not make you over-confident nor should the losses intimidate you. No two people with same set of stocks and information will make same amount of money. It is their mental framework, which determines success or failure.
Do not overtrade:
One of the common mistakes people make in futures and options is overtrading because these markets work on margins, rather than paying the full trade value. Therefore, don't be lulled into complacency by the low margins. Make sure that your total trade value is within your financial means.
Also, day trading doesn't mean you have to trade every day. Even two to three trades in a month may be more than sufficient. Trading opportunities don't happen everyday, so bide your time. Even if you miss some of them, don't rue. Markets are not going anywhere. You will get your chance sooner or later.
Further, concentrate on just two or three scrips at the most to make trading more manageable. Moreover, over time you will get a feel of these scrips, which will help you to trade better.
A word of caution:
Day trading can be injurious to your financial health. Therefore, it is strongly recommended that you keep away from it. But if you find it irresistible, follow the above rules to minimize any damage.
