On Monday, March 05, 2018, NIFTY fell by about 100 points.
I was in Chennai on March 04 for the F&O workshop conducted there. Many people had the view that the market will show some up move due to Election Results of North east states. I had stated that International trends are having bigger say in the market at present. We went down by about 130 points on NIFTY at one point before recovering marginally.
Well, markets will keep on doing what they do. It is expected that there will be good volatility in a range before a breakout in either direction.
A trader should not be concerned. We are not astrologers in the business of making predictions. We are to go with the trend and benefit from it.
Let us see what our selections did.
BUY SELECTIONS :
We had two of these.
This was the performance:
Reliance went down badly, Tech Mahindra gained very smartly.
On the day NIFTY has gone down by almost 100 points, one of the long selections went up by as much as 3.10%.
Overall, a satisfactory day for the long selections. The important points is that this is the result in a falling market.
SELL SELECTIONS :
We had 6 of these. Only SBI did not oblige. It went up , but not by a huge amount.
Automobile Sector which did not do well for us on Thursday ( previous trading day ) was very active yesterday. Tata Motors made a new 52 week low. Earlier it had rebounded from 356 levels to go up to 376; this time it broke through the support ( not my classification, but people like this kind of terms ) and went down to Rs 350.10. Let us see how it fares from this point. For the day, it lost more than 5 % thus making it a very good short selection.
Bajaj Auto and Maruti also declined.
Lupin touched a low of 789 during the day and closed very near to this mark. Its 52 week low is just 1% away.
Trading on Tuesday :
Looking at the Asian Markets in the morning and the closing of US markets for Monday, we may see some up move today.
But I see no point in exiting from the short trades which are close to 52 week low. There is a likelihood that after an initial bounce, these stocks will come back to lower levels.
No revision in the selected list for the day.
Thanks for reading.
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.