On Tuesday, the relentless up move of NIFTY was halted and it came down by 66 points. Still above 12000 and undecided which way to go.
NSE Website makes mistakes at times. At close on June 04, it stated next trading day as June 05, 2019 though it was a trading holiday.
Let us move on.
This fall in NIFTY bought very small cheer to our trades and there was reduction in loss. We are slightly in the red and may soon be headed towards profit.
We have seen over last one year that some stocks keep on going down even while the Index is moving up. The focus should be on identifying such stocks and then try to make a profit when the right move happens. We have no interest in the story of All time High of NIFTY or SENSEX.
New Trade :
We stay with the familiar stocks.
One of those is BIOCON.
After making the 52 week low of Rs. 508.50 last month, it recovered somewhat and the last traded price on Tuesday was Rs. 541.05.
The stock just about meets the criteria of 30 day weakness and 7 day weakness.
BIOCON PUT 520 @ Rs. 7.50-8.00 can work out well if the stock decides to retest the 52 week low again. In fact, we are looking for a successful breach of that level.
Trade cautiously, trade profitably.
Disclaimer: This post and examples are for teaching purpose only and are not meant as advice/suggestion to trade in these stocks. Trading in Futures and Options can lead to big losses and should be done with appropriate knowledge and advice only. Mentioning the stocks here does not imply that I have a trading position or likely to take a trade in these stocks.