I can help you with stock chart reading

[rhk]

VV,

Whats your call, do u think we will see a trend build upwards now in BSE.
Keen on hearing what ur analysis say.
Thanks

 

[vvonteru]

TISCO (Tata Steel)
--- There is a trading range between 625 and 675. There are couple of options for the stock.
1. Comes back to the trading range.
2. Starts a new trend.
3. Trading range acts as resistance (at 625) and goes down.

Given the market conditions, I don't think option 3 is possible. But U never know. Given the chart, it is very hard to tell U where the stop should be. Because, U should not have entered the stock to start with, until it went above 675 or start a new trend. If U did, U should have got out when it went below 625. Any stop number now doesn't make sense. Looking at the chart, I feel tempted to give U 500/525. But, due to the transition of the stock, that might be taken out. Rather, if U are very unconfortable, think of taking partial loses.

If the stock choses option 1 or 2, do U have a problem?

RHK
--- I am very positive on the market. Today was one day, where buyers had an edge. Where U could have been very confident on buying something. For future, lets follow the trend.

 

[srinivasud]

The books I have read and with the foundation I have in stock market, there is no term called 'Long Term' in my dictionary. I don't think it is wrong to think in terms of 'Long Term' investment. But, I can't do it. I have tuned my mind not to do it. It is very hard for me to go back. It is very hard for me to see the stock going down beyond my stop point thinking, 'this is for long term'. The stocks I am suggesting are short to intermediate plays.

When U say long term, look for fundamental analysis and research.

Thanks VV for your reply. I won't follow the market on day to day basis, so it is difficult to place stoploss every day. Anyway Thanks for your sharing your thought.

Srini - London

 

[kenneth]

TATA STEEL
Hi Anupam you have bought 47 shares at avg of Rs 632. What I see from the intraday charts You might get that price tomorrow.(Range 632-634). It might hit that price and come down. Your stop loss 607. Move the SL after you see 30 minutes trading to 1 rupee less than the days low.
All the best
Ken

 

[ragh_ash]

hi anupam,
obviously u should be out of Tatasteel , seeing the loss u r running.
if u r thinking guys here have some kind of crystal ball and can guess what is going to happen tommorrow, you have another thing coming.
this stocks trading/speculation is a game of probablities. some u win, some u lose.
all u can do is "try" and stay on winning side more than on losing side. there are no guarantees.
hopefully my words are not v harsh.(i donot mean them to be)
all i am trying to explain is cut u r losses on TATAsteel and run.
there will be other times and other stocks. (for eg look at Supratik's thread and i think Orchid will compensate u amply by June or july whenever Ist qtr results are out.)
Patience and fortitude never let a man down.
cheers

 

[vvonteru]

Can u suggest me about TISCO, I bought it on friday @ 636 Rs, wht shld be the stop price it's fallen to 545 today, n market can face a downward trend tomm too. I'm very depressed at it....... i want 2 sell it at minimal loss

U don't have much choices here. Just get out.

Anupam
---Couple of things I want to tell U. Hope U take it in perspective.

1. Personally, I think its good that U lost money. At this point U might be cursing me. Let me explain.

Think in terms of TIME. Today, U have just lost Rs5000 (50 shares * 100 points). How about this. What if U made money now. U rejoice and make a similar GAMBLE (Yes, what U did is Gambling, not Trading, not Investing). This time, U put 200 shares (U think, it easy to make money). U lose 200 points (U think, didn't it go up after losing 100 points. So lets wait. So U end up with 200 points). So, now Ur loss is Rs.40000. Do U think U will let go here. U will not. Because, U tasted success 1st time. It got to work again. So U try again. U lose again.

2. Do not use money that is necessary for livelihood. What I mean to say is, use money that is after U had enough savings. That way, U will not be desperate.

3. If this is going to add solace to U, I too lost money on my first stock. Many lost just like U. U are not alone.

 

[rhk]

VV,

Whats ur take on
Bata India
Dabur India
Reliance comm
Bombat Dyeing
TISCO
Tata Motors (any reason why this fell)


I am talking from a mid term view, what are the key supports for these stocks. I think this is a good opportunity to get into these for the short term.

Thanks

 

[vvonteru]

Market Analysis:
I know its too late know. U guys already know what to do. Still, for some, who are ever optimistic, some words. PLEASE DON'T OPEN NEW POSITIONS. On existing positions, if U are short to intermediate player, take partial profits/losses (Ya, taking loses is making profits) and trail the stop. About, long term, I don't think I should advise.

 

[vvonteru]

Thanks vvonteru for ur valuable comments n let me tell u that I'm a very much reserved player n i am new to this market, I invested in TISCO after analysing various things, but as u (rightly) said I just Gambled, i admit.
Now leave aside all that... now I have just 20,000 more to invest, put urself in my place and after analysing today's 826 pt downfall and then the Chidambaram's views on how traders mistook the circular on FII (sorry, dnt knw much about it)..... and now traders and investers are seeing a good market tommorrow...... now put urself in my place and suggest me how can i minimize the losses of TISCO(currently about 4230 (47 * (635 - 545)) ..... what shares i can buy that can give me a max profit in the tommorrows intraday trade? or I should not trade at all and keep an eye on tisco or anything else.... waise I'm planning to play a risky game again to buy 200 shares of ITC and sell it till 1-2 pm if all goes well, and sell the all TISCO shares at the end and get out of the market.... What do u say sir (vvontreu).....

Do not put any more money into the market. U are not ready for it. If U are serious, read a book (there are online links to books on this thread. Use search menu item) first. Do some paper trading on the stocks I suggest. Read Saint thread on TA.

First make paper money. There are paper trading sites like Moneycontrol.com. There is a section for this in this group. Give Urself minimum 6 months. Market will be there for U. And don't forget that U are competing against best minds on the other side. They are there to grab Ur hard earned money. This ain't lottery ticket to free money. If it is, everybody will leave their jobs and start trading.

If U insist in participation in the current market, I will suggest using Funds. Put money on a monthly basis. In that, U will not care if the market goes down or up. This is what I called a long term strategy. Because, U are doing cost averaging. Once U make enough money over here, in this time, U will also be prepared. Then U can start trading.

Existing Position:
I searched for comments from Chidambaram. I could not find the link. Give me the link. I don't believe in news. I believe in price action. Lets see tomorrow what is in storage for U. If U feel optimistic about recovery, I suggest do the following.

1. Take partial losses at the current price. Hey no pain no gain. How much U want to take out its up to U. I suggest 50%, around 20 shares.
2. For remaining 27, put a stop at 500.

No guaratees. Do this only if U are optimistic. If U are not, get out of the current position. Or take out more at the current price.

 

[vvonteru]

VV,

Whats ur take on
Bata India
Dabur India
Reliance comm
Bombat Dyeing
TISCO
Tata Motors (any reason why this fell)


I am talking from a mid term view, what are the key supports for these stocks. I think this is a good opportunity to get into these for the short term.

Thanks

Please do not take any new positions or add to existing ones till we see improvement in the indexes.
Tata Motors (any reason why this fell)
--- When market falls, there are no reasons why individual stocks fall. Its the sentiment. Don't reason with the tape. Just follow the price action.

Isn't that hard. U know why? We are brought up in life to reason things. We are human beings with emotions and try to find reasons whether good or bad. I have learnt in the stock market to not find reasons (disregard the financial papers' reasons. They will find anything to write). Thats hard.