The market scenario had been very tricky in the previous week due the range-bound price action that the Index was witnessing. Nifty failed to show any momentum and was simply moving within the range of 12285-12160 for the entire week. However, I managed to win the trade show against other market veteran.
Looking at the overall structure there were certain stocks that have been outperforming within the Mid-cap and the small-cap space and the frontline stocks that were moving higher are just drifting towards lower levels with no strong trend.
It feels great to win the Trade show despite of the range bound movement. Below are a few trades taken during the week with clear explanation
30th December 2019 trades: Stock tips – Buy: BalramChin, PFC, L&TFH, Trent
Nifty overall had been in range on 30th December and was near the lower end of the range there was less momentum on the downside so all the stocks which were selected were in buy. The stocks which were selected were about to give a break of its past week’s range and were amongst the outperformers.
31st December 2019 trades: Stock tips – Buy: WelCorp, Max Financial, SudarshanCem, NCC
Nifty had a negative closing on the previous day however was in range overall and the strength still looked on the upside. WelCorp witness breakout on upside post its week long consolidation this is the reason I selected this stock. Max Financial and NCC were giving biggest bar formation and with ideal RSI zone which resulted in positive move. Sudarshan Cements too was gaining steadily gaining momentum on upside.
1st January 2020 trades: Stock tips – Buy: AvantiFeed, Raymond, VinatiOrganics, Sell: SunTV
Nifty opened the New year 2020 on positive note and formed a Bullish Marubozu candle so my bias was maximum buy side this is the reason I selected maximum buy side stocks. AvantiFeed gave an amazing pennant pattern breakout on upside. SunTV was in classic downtrend and was giving perfect breakout on downside.
02nd January 2020 trades- Buy: CRISIL, EidParry, Rallis, Sell: SunTV
Nifty had a strong 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 that were outperforming. Sugar and rating agencies showed some buying emerging so we selected EidParry and Crisil. EidParry was the stock that performed very well on that day and I selected it because it was about to start the 3rd wave on upside and also made time cycle lows. And Sun TV was dragging lower past consecutive days.
03rd January trades 2020- Buy: Fconsumer, GSFC, RepcoHome, RAIN
Nifty in the previous session had a negative close and was near the upper end of the range however the momentum on the downside was not strong. So I thought it was better to play safe. The stocks which were selected were about to give a break of its past week’s range and were amongst the outperformers.
The above strategy clearly highlights the fact that knowing the internal Elliott wave pattern of individual stocks along with Nifty direction is extremely important. It is not necessary that you will make money by simply being long on any stocks in the current market. Stock selection based on Moving averages, Channels, Elliott Wave, RSI indicator and much more is required.
Mentorship: 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 ongoing learning for any trader. How to enter and exit in disciplined fashion. Know more here
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