I enjoyed watching the markets unfold today. There was a tonne of news broadcast which made the market jump up and down. It seemed like people were confused about the news and they didn't know what to make of it.
That really didn't stop these stocks to move in the right direction though. Well, maybe it stopped one of them. Let's have a look:
1. Sell JSW Steel, Entry: 727-730. Target: 710. Stop Loss: 737.
Going in the right direction. As mentioned in my earlier post , the target should be achieved during the next trading session.
2. Buy BHEL, Entry: 187. Target: 195. Stop Loss: 185.
I did see a further fall on BHEL but I just thought I'd bet on the reversal after hitting the bottom Bollinger band as well as the Stochastic over-sold line. Maybe that will happen after hitting 175. Not a big loss though since the SL got triggered at 185.
3. Buy Canara Bank, Entry: 397-400. Target: 420. Stop Loss: 389.
Holding CanBank for a revised target of 410 now. Saved from hitting the stop loss today by a whisker.
4. Sell BATA, Entry: 885-890. Target: 860. Stop Loss: 899.
On the brighter side, Bata almost hit the target of 860 today. Made a day low of 861.65. Holding for 860 tomorrow. Should be achieved first thing in the morning.
All in all, it was a fine day to trade. Only one loss incurred today and foreboding another tomorrow, but BataIndia and JSW Steel should more than make up for those losses. Let's see how things play out.
Cheers!
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