I had a good start yesterday. I am currently holding one lot of ONGC May futures, bought at 322, CMP 326.5. I don't think I will be trading today but if I do it will be one of these that I will trade with:
1. Buy BhartiArtl, Entry: 310. Target 320. Stop Loss: 304.
This is a good buy since it's just coming off the bottom Stochastic line and the bottom Bollinger band, indicating that it's been over-sold. I expect it to hit 340 sometime during the first week of June but for today I think a target of 320 is quite achievable IF the market supports.
2. Sell Hindalco, Entry 112. Target 106, 104. Stop Loss 114.
Hindalco is coming out with their quarterly results today. I don't know what to expect out of it but I hope that it will be bad. Yes I'm quite the pessimist. So even if the results are good 114 should be a good point to exit. Yes it is a gamble that i'm willing to take since the risk is very minimum.
That's all for today. I will be active on Twitter today, hopefully. Will try to give some updates there. Happy trading :)
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