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.
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.