Day One review - Monday, 27th May 2013

Well I had a good start. Although some of my entry points were not hit today, most of my targets are right on track. I was expecting the market to fall today but nonetheless, some trade did take place.
 
My calls for today were:

1. Buy ONGC, Entry: 320-322. Target: 342. Stop Loss: 317.

ONGC

I knew ONGC would bounce back from 320 and as expected, it did. It hit a day low of 320.5 and high of 329.45. I recommended buying June futures which hit a day low of 323.5 and high of 331.8. I did however end up buying May futures at 322 and am currently holding it at 326.5.

That is currently a profit of Rs.4500.

2. Buy OptoCircuits, Entry: 43.5-44. Target: 48. Stop Loss: 42.5.

OptoCircuit

Unfortunately Opto did not hit my entry point today. Again I expected the market to fall after which I would've entered at 44. But on the upside, the target of 48 was hit and a day high of 49.75 was made today and DAMN what a recovery that was! That graph looks beautiful doesn't it?
So after bouncing back from the (slightly miscalculated) bottom Bollinger band, my target was achieved,

3. Buy Adani Enterprises, Entry: above 215. Target 235. Stop Loss: 212.

AdaniEnter

I didn't trade in Adani today since I was quite hesitant to enter it at day low of 320 which it was trading at till 1:30 PM. I didn't think it would move much but boy was I wrong. I know my entry was above 215 but 220 was slightly too much. Anyway, day low of 219 and high of 227.40. Target on track!



















All in all I think it is a pretty good start. I'm at a profit of Rs.4500 at the end of Day One. I think I will realize my profit on ONGC at 330 tomorrow. I'll be giving out my trades for 28th May in some time now so stay tuned ;)