Overall Nifty 50 was moving in a lackluster manner with random gap ups and gap downs and false breakouts but still the power of stock selection using Elliott wave was the reason that I managed to win the trade show against other market veteran in last week in such a tricky market condition
Bulls Eye winner for Day 1, Day 2, Day 5 and entire week from 20th to 24th April 2020
It feels great to win the Trade show despite of such global events based volatile moves. Below are a few trades taken during the week with clear explanation
20th April 2020 trades: Stock tips – Sell: Tata power, PEL, Buy: Vmart retail, Whirlpool
Nifty had minor gap up opening and closed near important resistance near 9400 levels. So it was best to give 2 buy 2 sell as Nifty may break above its resistance or reverse. Tata power and PEL had charts almost identical to close with a bearish candle and weak Elliott wave pattern. Vmart Retail had witnessed positive close with biggest candle which confirm its direction on buy side. Whirlpool had formed a large bullish candle with a breakout of resistance hence it was given in buy.
21st April 2020 trades: Stock tips – Sell: SRT finance, JSW Steel, Century textile Buy: EID PARRY
Nifty witness a major gap down opening given the fact that it was likely to reverse from the resistance level. Since then I decided until it break decisively and sustain on highs its better to stay bearish until prices confirms. SRT finance and JSW Steel had been extremely weak and was supposed to start wave c lower. The sectors were also exhibiting negative trend. EID Parry was the counter trend and non-index stock which was unaffected with Nifty downtrend.
23rd April 2020 trades- Buy: AMARAJABAT, NIITLTD, Sell: RBL Bank, Century textile
Nifty had a positive start with a gap however the overall trend was range-bound so the strategy still remained to pick out the stocks and the sectors for buy side that are outperforming and short the underperforming stocks exhibiting wave c or wave iii lower. Like before Century Textile broke on downside post its consolidation and banking sector was negative so RBL bank was selected. NIIT ltd witnessed breakout on upside post its week long consolidation this is the reason I selected this stock.
24th April 2020 trades- Buy: GATEWAY DISTRIPARKS, LIBERTY SHOES Sell: PVR, Interglobe Aviation
Nifty continued to move in a broad range in form of a Flat corrective pattern. Selection on buy side was from midcap space as these stocks outperformed. PVR and Indigo has been falling and was about to start the wave C on downside and also time cycles were in sell.
The above strategy clearly highlights the fact that knowing the internal Elliott wave pattern of individual stocks along with Nifty direction is extremely important. Stock selection based on Moving averages, Channels, Elliott Wave, RSI indicator and much more is required.
The above simply shows power of Elliott wave, Neo wave and how one can trade successfully using these advanced concepts of Technical analysis.
Will you be interested in learning how I make it again and again?
Next Mentorship June 2020: I will be covering these important trade setups that is must in your trading plan in the upcoming Mentorship program. I will be assisting in the trades taken beyond the 3 months mentorship schedule as an on-going learning for any trader. How to enter and exit in disciplined fashion. Early bird offer ends on 10th May 2020. Know more here