I am glad to share across another win on CNBC TV18 trade show with substantial margin when the other contestants were negative:
12th February trades: Stock tips – Buy: Abbott, SAIL, First Source solution Short: Glanmark Pharma
The week started with a Gap up in Nifty which showed the bullish nature in the market. Abbott was given a buy call when the prices were in favour with MACD and had shown a good rally in 1st hour of the market. SAIL & First Source started its week following NIFTY with a Gap-up which was a good sign to take a long position along with the confirmation of Accumulation & Distribution indicator which showed the buying pressure in both the stocks. Glenmark Pharma had ended with a Doji structure in the previous trading session after a strong selloff. Continuous red bars showed the decision of the market and so, I recommended a short on the Glenmark Pharma. All the stocks went in favour and rallied by more than 5% to 7%.
14th February trades: Stock tips – Buy: Adani Ent, Cholamandalam Finance, L&T Infotech, Abbott
Nifty had opened with a bigger gap-up then its previous days Gap-up. Hence, I had bullish eye to select potential up-trend stocks. All four stocks that I recommended had followed Nifty to open with a big Gap-up. After opening Adani with 2 Gap-ups in the week, the stock showed a good call to go long. Also the stock maintained its level above 7day SMA. Cholamandalam and L&T Infotech started the day on a positive note bouncing on 7-day SMA making long green candles which indicated the potential up-move in the stock.
15th February trades: Stock tips – Buy: Ashok Leyland, KEC, L&T Infotech, NCC
After Nifty opening with a Gap-up on the 3rd day, I selected all 4 stocks for long positions. Since the overall bias on Nifty was positive I selected all stocks for buy calls. Also IT cycle has turned positive and L&T infotech was outperforming with strong Elliott wave pattern.
16th February trades: Stock tips – Buy: Bombay Dyeing, Pfizer. Short: Repco Home, MSumi Sumi
Nifty started with a positive note but could not survive the 4th Gap-up and plummeted for straight 4 hours. Repco Home and Mother Sumi were classic bets that showed sharp fall after opening. These stocks have been very weak and did not rally the previous days when Nifty was moving higher. This itself showed stark underperformance and they were supposed to start wave iii on downside. In addition to that, both stocks were trading below their 7&14-SMA.
The above strategy clearly highlights the fact that knowing the internal Elliott wave pattern of individual stocks along with Nifty direction is extremely important. It is not necessary that you will make money by simply being long on any stocks in the current market. Stock selection based on Moving averages, Channels, Elliott wave and much more is required.
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