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 10870-10700 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 out performing 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
7th January 2019 trades: Stock tips – Buy: Aartiind, PNB, Coromandel , Fedbk
Nifty overall had been in range on Monday 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 ourperformers.
8th January 2019 trades- Buy: Repco Home, Ajanta Pharma, BEML, Godrej Properties.
Nifty had a negative closing on the previous day however was in range overall and the strength still looked on the upside. Due to the sector rotation the key was to find out the outperforming sectors and the stocks within those sectors. Real estate and fiancé sector showed good buying so Repco homes and Godrej properties were the picks among and Pharma sector also showed buying emerging.
9th January trades 2019- Buy: Allahabad Bank, IOL Chemicals, Praj Industries, Repco
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 chemical showed some buying emerging so we selected Praj Industries and IOL chemcials. Praj Industries was the stock that performed very well on the that day and I selected it because it was about to start the 3rd wave on upside and also made time cycle lows.
10th January trades 2019- Buy: Bata, Nocil; short: NMDC, Chennai Petro.
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. This was the reason I selected two stocks which were Nocil and Bata for buy. Both of the stocks showed outperformance and were trading near 52 weeks high and the chemical sector showed good buying. The metal sector on the other hand showed weakness and therefore I decided to go short on the sectors that exhibited weakness overall. Chennai Petro also broke past 10 days of low with a big bearish candle that indicated completion of wave b on upside and start of wave c lower.
11th January trades 2019- Buy: Aarti Ind, Divis Lab, Astrazeneca , Manappuram Finance.
As mentioned above the Finance and the Pharma sector showed good buying in the whole week. Manappuram Finance was had been protecting the low of previous day for almost 8 days and Astrazenca found strong support near 61.8% retracement level and showed strong positive reversal.
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.
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