Some Good Steals...

Hi Kishore, my take on India Cements was by no means a call to enter a trade in it. The caution here is the wider market and the current dynamics of it. It's early still to assume we are over the hill, and some sharp selling is likely to come to the fore at every rise.
This is he message I wish to send to all the readers here. No matter how alluring a scrip may appear currently, it is absolutely important that we wait out the current uncertain and volatile phase. The market has gone up consistently and considerably without any regard to rule or history, and has now been stopped short by these very forces.
The liquidity may still be strong, but so shall be the memories of pain that a large section of the trading community has undergone in the last three sessions. The reckless greed, the euphoria, the notions of immortality have all been shaken down mercilessly. Now the jitters are going to dominate the proceedings for some time and any minor glitch, even if far related to the markets, is going to result in sharp retracement of any progress made.
In any case, sell at every rise is and should be the discipline for a consolidation in time for now. Here, entering a trade with short term, or even over-night targets may be a gamble, which is different from trading.
That been said, it's important to remember that in high or low markets, there will always be winners to be spotted. Today the market is unstable and we as sensible traders should be under no compulsion to chase any scrip that is running away. I repeat, there will always be good possibilities, and we need to wait for a level playing field before moving in.

On YesBank...for techs there is not a lot of historical data, but from a quick look, it has severe resistance at 72-75 which has consistently niggled it's almost two months of repeated attempts there. The present dip had begun on account of this, several days before the current correction set in on the market. Closing 62.90, it has fallen below the first set of important supports at 64-66, and is a tad above another key support at 61. Below this the dip may be deeper. Above, it's likely to meet up with 64-66-69 again as resistances, and finally again at 72. It needs to correct and consolidate still, and only a close above 75 would give a bullish confirmation.
Thanks and regards.

Dear Senior Members

What is the best strategy during this market fall?
I am a long term investor.
I have purchased IDFC again at Rs 70.
Please advice.

Yogendra

Hi Amit,

Thank you very much for your detailed and concerned reply on ITC. I am looking this stock from an Investment angle - so from your answer I take it as a CLEAR WINNER!

Also I hold PTC India for quite sometime now (@44). I think I am holding on to a wrong stock. Again I went by the fundamentals and hoped the sector and the company to do well. Have decided to come out of the stock on any further rise.....how are the charts looking for PTC. Can u suggest an exit for this stock?!

Thanks again for your concerned reply.

-Sam.

Hi Sam and Yogendra...will come in later to your queries, but quickly, yes, seek any upside to exit PTC, and yes, IDFC is a fine investment. It could have been taken at lower levels on Friday, I believe. If you like, add on some more at any decline to get a lower average. All this for the mid to long term.
Cheers.

Hi Amit,


Can u let me know ur suggestion on IFSL. Its around 22 now.
Is it worth an investmnet?


Raju

Hi Amit

Pls let me know if to keep Bank of Rajasthan (qty 200) - bought at 68/-

Regards
Thomas

Hi Raju...if it's still at 22, it's just about resting at a key support. I would prefer it to move further away from this. Overhead right away is the resistance zone between 23-28 where the going may be slow. Beyond 28 lies 32, a likely sticky level.
If you looking at a long term investment, then go in by all means, but wait for a few days. The market would give some clear indication, and if good, IFSL needs to move away from 22.
Regards.

Amit,

Your prompt reply shows once again that we can count on you.
I am looking at a 1 year horizon. Now its at 24.25 up 3%.

Hi Amit,

Looks like again the market has started the bullish trend!
How do you see this trend? Will it continue or will go for another correction soon?

So, what do you suggest to buy at current or do we need to wait for few more sessions?
I am looking only from the point of long term investment.

Thanks,
Narendra

Hi Narendra, I am waiting still.
There are some interesting moves being made in the market, but we need to watch this longer I feel.
There is really no hurry to take new positions, as we will find good picks as the market moves along.
Cheers.