Trading Report (13/01/2011)


The resistance and support levels for SBIN today:

R – 2714.85, 2734.40, 2753.90 and 2773.45
S – 2597.65, 2578.10, 2558.60 and 2539
Target when bought or shorted at any one of these levels is 2656.25

The resistance and support levels for TATASTEEL is:

R – 679.70, 687.50, 695.30 and 703.10
S – 632.80, 625, 617.20 and 609.40
Target when bought or shorted at any one of these levels is 656.25

Update 1 (11:10): Committed the mistake of shorting TATAPOWER. Everything is going on fine; but, the scrip has insanely low volumes. Hence, the scrip is virtually at a standstill. I shorted at 1367.20 with a target of 1343.75. Actually, I could have shorted at 1375.00 with the same target. As usual, I was late to the party..

Update 2 (11:50): As envisaged, the stop loss kept at 1375 was touched. I have taken fresh short positions at 1375 for the same scrip. Target is still the same.

Update 3 (13:15): Target of 1343.75 achieved. 🙂

Update 4 (14:02): Things are not looking bright for me as of now. Heavy selling pressure is prevailing in both the markets. I entered SBIN long at 2597.65. After staying over that price for sometime, it touched my stop loss of 2578.10. I reentered the long position at 2578.10. The new stop loss is 2558.60. Target is 2656.25.

Update 5 (15:07): Stop loss achieved. Am long at 2558.60. 😦

Afterthoughts:

TATAPOWER acted as per my calculations. The same did not occur with SBIN. If you had paid close attention to the price action, you would have seen the prices touching the support levels only to retreat. And I am seeing such activity for the very first time throughout these months. Usually, the scrip will find strong support at one of the key support points and will rebound back as fast as it can. If we check the previous postings done in the same blog, we will realize this trend occurring every time – until this day. I skimmed through the usual media sources – nothing out of the ordinary was listed over there (apart from some financial figures for Infosys). I was able to recoup the losses with the profit made with TATAPOWER. Tomorrow is yet another trading day, let us see what is in store for us!

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