The Starving Trader!

[thestarvingtrader]

Re: Live! Trading day

0945 Hrs.
RELINFRA looks like a good scrip to trade today to the upside. The hourly chart doesn't show any significant resistance until around 685. NIFTY's in the 5720s and could stall. The Starving Trader will enter RELINFRA long only id the NIFTY stalls and around the 672 area. Whether or not this is a reversal, he shall soon find out

1000 Hrs.
Still an upward bias on the NIFTY so will be looking to trade long RELINFRA, but closer to yesterday's high of 672. Meanwhile, the ever reliable TT2.0.1 is screwing up the charts big time and jumps from 10th March to 29th March, (try to plot SESAGOA). Can't scan for another upside mover as a lot are coming into daily resistance levels and this makes them risky longs today.
Now, next update at 1030.

 

[thestarvingtrader]

Re: Live! Trading day

1000 Hrs.
Still an upward bias on the NIFTY so will be looking to trade long RELINFRA, but closer to yesterday's high of 672. Meanwhile, the ever reliable TT2.0.1 is screwing up the charts big time and jumps from 10th March to 29th March, (try to plot SESAGOA). Can't scan for another upside mover as a lot are coming into daily resistance levels and this makes them risky longs today.
Now, next update at 1030.

1030 Hrs.
The Starving Trader is long RELINFRA at 671.70. He'll be waiting to unload half the position at around 677 to get safe quick, and then ride the other half higher, if possible. The NIFTY, meanwhile isn't showing much strength anymore, so he might get stopped out. If it does reverse, then JPASSOCIAT (also our missed swing short last week) looks like good trading on the downside Any positions, anyone?

 

[thestarvingtrader]

Re: Live! Trading day

1030 Hrs.
The Starving Trader is long RELINFRA at 671.70. He'll be waiting to unload half the position at around 677 to get safe quick, and then ride the other half higher, if possible. The NIFTY, meanwhile isn't showing much strength anymore, so he might get stopped out. If it does reverse, then JPASSOCIAT (also our missed swing short last week) looks like good trading on the downside Any positions, anyone?

1100 Hrs.
NIFTY still looks shaky and was just unable to break the 5732.50 high. RELINFRA does not like this and is threatening a stop out (668.6). Should that happen, and should the NIFTY show more weakness, The Starving Trader might get into IDFC or JPASSOCIAT for a quick short. Although, there are limited intra-day profit targets there too - He did state it was going to be a tricky day today!!

 

[thestarvingtrader]

Re: Live! Trading day

1100 Hrs.
NIFTY still looks shaky and was just unable to break the 5732.50 high. RELINFRA does not like this and is threatening a stop out (668.6). Should that happen, and should the NIFTY show more weakness, The Starving Trader might get into IDFC or JPASSOCIAT for a quick short. Although, there are limited intra-day profit targets there too - He did state it was going to be a tricky day today!!

1130 Hrs.
Wow! RELINFRA is being a resilient little sh%t even though the NIFTY shows some minor strength. Ughh, the bane of trading equities that correspond with the index! Nevertheless, The Starving Trader still hasn't lost interest in shorts and is eyeing IDFC for a Short entry should the NIFTY start to go higher. It will also make a good hedge Find out at 1200.

 

[thestarvingtrader]

Re: Live! Trading day

1130 Hrs.
Wow! RELINFRA is being a resilient little sh%t even though the NIFTY shows some minor strength. Ughh, the bane of trading equities that correspond with the index! Nevertheless, The Starving Trader still hasn't lost interest in shorts and is eyeing IDFC for a Short entry should the NIFTY start to go higher. It will also make a good hedge Find out at 1200.

1200 Hrs.
Right! Still the same sordid story. NIFTY moves up like it has arthritis (granted it's in a big resistance area) and RELINFRA deceived us with its strong early morning move - it also moves like it has 2 feet tied. Meanwhile, The Starving Trader took a look at IDFC for a potential short and identified the 158 area as a good entry to get 2 points or so - but this has already been tested. So, still waiting to unload half the position in RELINFRA if it obliges and moves higher by a point or 2... jeez! Next update at 1300 Hrs.

 

[MurAtt]

How abt Long Unitech & Hindalco ?

 

[thestarvingtrader]

Re: Live! Trading day

1200 Hrs.
Right! Still the same sordid story. NIFTY moves up like it has arthritis (granted it's in a big resistance area) and RELINFRA deceived us with its strong early morning move - it also moves like it has 2 feet tied. Meanwhile, The Starving Trader took a look at IDFC for a potential short and identified the 158 area as a good entry to get 2 points or so - but this has already been tested. So, still waiting to unload half the position in RELINFRA if it obliges and moves higher by a point or 2... jeez! Next update at 1300 Hrs.

1300 Hrs.
So, The Starving Trader dumped half his position when RELINFRA spiked (if you can call it that) for a bit. This ensures that he breaks even if it does reverse. The other half of the position shall be taken out around 678 or before market close, whichever comes first. Meanwhile, The Starving Trader is expecting somewhat of a move down from NIFTY 5760, so he would like to short IDFC at 157.50 area (the earlier planned short seems to have worked nicely, even in this up market).

 

[thestarvingtrader]

How abt Long Unitech & Hindalco ?

Hello Murtaza!
Just looked at HINDALCO and on an intra-day basis it looks like a painful Long unto the 209 area.

UNITECH is not a NIFTY 50 stock huh? Nevertheless, it looks a bit hesitant to the long side on an intra-day basis... around 41 as target... don't you think? Last week's down moves aren't very encouraging for a long today either ... or whatever's left of the day. What is your opinion?

The Starving Trader

 

[MurAtt]

I was more or less banking on the Flag b/o on the Hourly ... pattern trade.

BUT

Possibly as you say .. the expiry inbetween makes me not take trades.

Friiday will show us the way imo .. for the Nifty as well as stocks poised at important levels.

 

[thestarvingtrader]

Re: Live! Trading day

1300 Hrs.
So, The Starving Trader dumped half his position when RELINFRA spiked (if you can call it that) for a bit. This ensures that he breaks even if it does reverse. The other half of the position shall be taken out around 678 or before market close, whichever comes first. Meanwhile, The Starving Trader is expecting somewhat of a move down from NIFTY 5760, so he would like to short IDFC at 157.50 area (the earlier planned short seems to have worked nicely, even in this up market).

1400 Hrs.
No more positions need be opened now since there is only 1.5 hours of action left. RELINFRA tea-bagged all the longs with a nice drop before heading back up to where it was... thanks! However, because of the earlier exit, this position has broken even and even paid for commissions. But no more


All in all, a flat result on a tricky trading day is preferable to a loss any time! Look for a recap to this post at around 1500hrs. The Starving Trader realized that RELINFRA is actually not a preferable instrument to trade because of its high spread that can go up to 50 paise! More about this later.