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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