NIFTY staged a grand recovery yesterday.
Such an up move was not anticipated but it came , mainly through banking sector stocks. Does it mean that down trend is over?
We do not know.
Let the experts discuss and debate on TV Channels, we have got our trades to take care. Quite a few of them went wrong yesterday ( the SELL list ) because of the big move.
Here is the review:
TECHM just stayed above negative as the IT sector was down today in spite of the NIFTY move.
We are already out of RELIANCE trade, so that gain does not matter.
The other BUY was NTPC.
Not much to write home about, but is not a losing trade.
Now the review of SELL SELECTIONS :
SBIN made a smart recovery yesterday and TATA MOTORS also turned positive at the end of day after making another 52 week low.
LUPIN still stays week and BOSCH is not gaining momentum on either side.
Here are the first 5 selections:
Still doing fine though gave up a good chunk of profits yesterday.
But what did we do to get those notional profits?
Sitting tight when right. Let us keep doing that. We need to act when we are going wrong.
Next one was BOSCH.
It moves a lot everyday. Somehow it is staying profitable.
We do not grudge a 5.7% gain even though the gain was bigger earlier.
The last two were RELCAP and RPOWER:
RELCAP was at 407 level at one point and then moved up to 417 along with the rest of the market.
RPOWER is still doing okay though could have done better.
We stay with all the trades today.
Selections for Today :
Markets are likely to stay mildly positive today as per the indications from Asian Markets and SGX NIFTY.
One of the stocks which has come to notice for weakness is Hindustan Petroleum.
I generally do not trade in Oil Sector; this selection has come from a reader.
This stock made a 52 week low yesterday and then recovered. But 52 week low indicates certain weakness.
Add to that the rising crude prices and the inability of the government to increase the product prices due to number of elections slated for this year and next. In such a situation, Oil Marketing Companies will not be faring well.
Let us not get fundamental; the stock is showing weakness and we SELL it.
Only I will go for April Contracts in this case.
Keep working, keep making selections; trade cautiously, trade profitably.