Trading Report (14/01/2011)

The resistance and support prices of SBI for today:

R = 2636.70, 2656.25, 2675.80 and 2695.30
S = 2519.55, 2500, 2480.50 and 2460.95
Target when bought or shorted at any of these prices is 2578.10

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The resistance and support prices for RCOM:

R = 139.85, 140.60, 141.40 and 142.20
S = 135.15, 134.40, 133.60 and 132.80
Target = 137.50

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The resistance and support prices for WIPRO

R = 464.85 468.75 472.65 and 476.55
S = 441.40 437.50 433.60 and 429.70
Target = 453.10

Update 1 (10:22): I had shorted RCOM at 140.60. After touching 139.40 levels, it started rising. Eventually the scrip rose to 141.40 (which was my stop loss). I reentered the trade once again by shorting at 141.40. The market is directionless. Basically, I feel people are equally confused. They are buying in large quantities when the scrip is set to fall drastically. Look at the price action, when it touches any one of the above mentioned resistance levels for RCOM. Heavy selling pressure comes into the scene then. It is because the knowledged and the professed traders know that the scrip should not be trading at these levels. Hence, they sell. However, when the bulls take control of the domain, no calculations will work. The 5700 level of the Nifty can be broken at any time. Let us see how the day ends!

Update 2 (12:31): The second stop loss set at 142.20 was achieved some time back. I shorted once again at that price.

Update 3 (15:28): I allowed the system to square off the trade. It was squared off at 138.50. I just noticed that the scrip touched the intended target (of 137.50) at last during the last few seconds of the market close.

Afterthoughts:

What should I say? I am beginning to get a feeling that too much of success is getting into my head. Look at the Nifty’s closing price. It is well past the 5700 benchmark. Didn’t I foretell this fall right at the start of the day? Somethings are like that. See, you have to realize that I am not a market mover, with ample strongholds to manipulate the prices. I just follow certain strategies which were followed by eminent day-traders like Gann. And it is not the usual Gann square of nine and Gann angle mumbo-jumbo which you will come across on the internet. So when a price is all set to fall, it will fall. No amount of buying back will help it to regain its lost stature. Even on this day, I noticed that many were trying to buy every time the scrip touched points like 141.50, 141, 140.50, 140. And guess what happened? The scrip had to fall. It had to touch 137.50. And it did. There is nothing that can stand on its way.

I humbly follow these time-tested strategies. Follow the updates presented over here and you too can make profits – just like me. And mind you; I am not trying to advertise something through this blog. I do not plan to charge for the “tips” listed over here. The intention is merely to pen down my daily trading activities. Information should be exchanged freely. We all have the right to know and assimilate it. I am simply acting as a messenger – to ward off the age-old statement that “day trading is injurious to your financial health” !

All the best. Enjoy your weekend. 🙂

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Intraday Trading Levels for TATAMOTORS / TATASTEEL / SBIN (07/01/2011)

Friday is finally here. What are your plans for the weekend?

Once again, the support and resistance levels for today are still the same as listed yesterday. (The resistance levels are (R1)1304.70, (R2)1312.50, (R3)1320.30 and (R4)1328.15 and the support levels are (S1)1257.80, (S2)1250, (S3)1242.20 and (S4)1234.40).

For those who are wondering about the values being the exact same everyday – this was why I had posted earlier that the market has a certain geometry. Do you realize the validity of that statement? Everyday, the market repeats the same pattern. Now, how did I come across these values? Maybe we shall discuss it in detail some day later.

For the sake of illustration, I will post the intraday trading levels for TATASTEEL too. We are seeing good support at 679.70, 683.60, 687.50, 691.40. The resistance levels for the same scrip are 714.85, 718.75, 722.65 and 726.55. The target price when shorted or bought must be kept at 703.15. I do realize that on some days, it is virtually impossible to touch the mentioned target price. Hence, decide the target values accordingly. Exercise discretion when you do so. 🙂

Update 1 (11:18): The high volatility / directionless nature of the market is taking its toll. None of the values posted above were sustained. Yes, the scrips touched these values…hovered around them for sometime and fell drastically. Hey every day is not a profitable day, right? Feel free to take up the positions, if ever the scrips touch these values. These usually work (as you may have already realized from the preceding posts).

Update 2 (20:58): As cited above, the scrips touched none of the values. It was a dark day with the sensex shedding approximately 490 points and the NSE losing 143 points. Come Monday and let us see what is in store for us.

Update 3: So did I make anything today day trading? Well, I did. I traded with SBI. There was a strong support at 2578 point for this scrip. So initially I was long at this price point. After sometime, the price went past this point and fell down to 2567.15. I had kept my stop loss at 2568. I reentered the market once again at 2568 with a target of 2617. The target was achieved in no time. I was waiting for the scrip to touch either one of the resistance points (which were 2646, 2656, 2666 and 2675) so that I may short at one of these points. Unfortunately, the high price was 2642.

Total profits for the day = 39 points.

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