A plunge in Indian Stock market

[sheldor]

Neverthless...I find that it is a illiquid stock with less volume , so it can give both a good upmove or down move...but it seems it is in Uptrend...and seems like 1115 -1125 is kind of support area from where it may bounce up or may break down...so you can decide accordingly yourself...[/QUOTE]

Agree, I've been trading this stock for a while.
It has always given me good returns.
Only this time I was stuck badly after making a bad move (I bought repeatedly when it went down with the hope that it will move up). I should have stuck to the basics of following stop loss and let go of the loss.

 

[mastermind007]

Yes , they are breaking the law by allowing indians to open a margin a/c to trade overseas. This is clearly illegal as per RBI. Same rules as FOREX.

So i called their office and asked them about how can a indian open a margin a/c with you. They said its your responsibility to check the laws and trade. I told them are you aware of the FEMA act. They kept repeating the same thing. Very shady practice. They are not honest and transparent.

They cannot allow a indian to open a margin a/c to trade overseas.They know this and yet they continue to ignore the law of the land because that's how things are in India. This "Chalta hai" attitude. Very irresponsible broker.

RBI has recently asked banks to close all cards/accounts which have violated the FEMA rules. Even if you do a wire transfer to them and banks come to know they are broker. your a/c will be closed and there will be no way to get your money back and on top of that you have to pay fines.

Its only a matter of time before they get shut down.

It is not "Chalta Hai" attitude that is to be blamed here. It is something else... something lot more .....

There was a Sikkim Bank case in Delhi where RBI allowed the bank to open retail branch even though it knew that bank's financials were bad and questionable. Bank attracted depositor while it remained open and then shut doors forever after few months. All its assets (customers+property) was taken over by another public sector bank. PSU bank gave around 9-10 paisa for every rupee deposited with erstwhile bank!!!

Few Depositors sued. The Apex Court gave decision in favor of the RBI and banks!


http://indiankanoon.org/doc/821234/

 

[sspms2002]

Today i did day trade for a few hrs till 11.30

As i started to watch..i was shocked that ITC was up today with a gap opening of 7 rs...It only had to get me out...But i feel happy that i closed the positions yesterday..

I traded cautiously...my first trade in ITC was as loser of Rs 600...I saw that stock going against me and i was just thinking..if it goes below this price i will hit out...then it goes deeper..and then again...if this time it goes below the new price ...i will get out...I finally got out after it had moved Rs 2 against me on size of 300...

I took another position in ITC..this time it was getting profitable...as it showed me some profit..i thought of booking...then it went a little more in my favour and i thought thats enough profit ..let me book it...Finally i booked it after it moved Rs 2 in my favour...though it still went 2 more points in my favour after i booked..

Net now was 0.

The above feelings are just the opposite of what a professional will do..

Anyways i traded few more..ZEEL , MARICO and one more ..But i took fewer positions and stuck on to them..


Stocks Traded: ITC , ZEEL , MARICO..etc
P&L : Green 1514 after commissions

 

[Buzzstop]

What's your total daily trading capital. ? How much do you invest per script ?

Trying to get an idea because I'm also trying to day trade.

Thanks

 

[sspms2002]

What's your total daily trading capital. ? How much do you invest per script ?

Trying to get an idea because I'm also trying to day trade.

Thanks

Hi My total trading capital is around 1 lakh...and i am as of now buying 300 shares/1 lakh buying power which ever is less per trades...

I do not utilise margin money of yet...

 

[PS Trader]

Hi My total trading capital is around 1 lakh...and i am as of now buying 300 shares/1 lakh buying power which ever is less per trades...

I do not utilise margin money of yet...

It is great to know someone new to stock trading, without using margin money. Good money management. :thumb:

 

[sspms2002]

Today was a good day of trading.

I Opened with Rs 600 profit in HSIL...It had gapped up a lot and it was retracing back...I only took 2 points although it moved quiet down...almost retraced its gap of 25 rs.

I traded multiple stocks afterwards...but i today kind of booked profits and did't wait for the stock to run much...that way i missed some good moves..but also was protected from sudden whiplashes...

I reached around 1914 around 12 PM..and then i wanted close for the day wishing to make it to 2000....but in that haste to convert the P&L above 2K..I traded badley and lost 800...i was now at 1200 odd..i was cursing myself ...for a gain of 80 odd rs to get to 2K i had lost 800...

But then luckily i got a few more good trades..

Stocks traded: MARICO, ZEEL , HSIL , SSLT and some more..
P&L : Green 2533 after commissions

 

[sspms2002]

Today was kind of slow day for me...I was travelling back so started looking at market around 11.30 AM...

I only traded one stock today ..HSIL..I was expecting it to create new highs after it retraced from its high of 439 to 416 yesterday(Friday)..

So i was hoping it move near 435 area...Although it couldnot go there..but i sensed that there was a big buyer at 424.....It was not letting the offer drop even for big size offers...

I will keep a watch on it tomorrow as well..if it can settle below 424..then it will be a good short..

Stocks Traded: HSIL
P&L : Green 1997 after commissions

 

[sspms2002]

Today was a dramatic day of trading for me..
I was up in last 3 -4 days so i was cautious today and started slow..My first trade in Wipro gave me 400..i was short at open and booked profit after it started to retrace back..

Then i started looking at HSIL..as i though yesterday that if it breaks 424 it would be a good short...it was behaving the same...but i didn't traded it as today the volume had dried up in it...also i was cautious not to play less volume where i couldnot get an easy out...

Then i started looking at my worst nightmare stock..ITC...at around 10 AM..
It was down and looking weak initially...so i shorted 300 and after seeing some profit it started uphill..i booked 600 loss in it...but i also reversed my position and took 300 long and then added another 300 as it was getting strong on upmove...I was seeing a profit of 600+...but it was stuck at a price and i waited for 2 hrs in that stock just to get out flat...

And then it started its best move in last 2 months..leaving me at sidelines..

I just started stock hunting and found out whirlpool..it was already up rs 45 and looking to consolidate and move down..I put up a limit offer above market price to short it...

Alas..electricity went off and when it came back after 5 mins..my limit order was filled...the stock was up Rs10..a free free loss of 2000 in that...

I again played some whirlpool and then ITC at end..to cover up my losses..


Stocks Traded: ITC , WIPRO , WHIRLPOOL ..etc
P&L : Green 655 after commissions

I also took 300 shares again of ITC for delivery at end...as tomorrow is its result..

 

[intime]

Nifty made lifetime high today