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Thursday, 7 March 2013

Which stocks to trade 08 Mar

Dear Readers
Markets made a strong recovery today with Nifty moving up more than 45 points and Sensex by 161 points. Quick look at the technical view of sectors.
All sectors except metal are green in hourly charts. Today most of the metal stocks including Tata Steel, Sail, Hindalco, JSW Steel were down, so the sector ended up in red. Avoid trading this sector till there is a trend.
Pharma is still strong in hourly and daily charts, Cipla and Sun Pharma were positive today while Ranbaxy and Biocon ended in red. Cipla is a good choice for buy side.
IT sector is also very strong. As anticipated in my previous posts, this sector is rallying. Infosys, TCS, Wipro, HCL all are rallying.
Auto sector has started moving up, I am inclined to add one stock from this sector for trading. Today Hero Honda was up by 4% and Maruti , Bajaj Auto up more than 1%.
Tomorrow being Friday, weekly traders will tend to take profits. So be watchful on the longs during the second half of the day.
As usual, please wait for 15-20 minutes after market open, look at the combination of the levels and chart signals and trade.

1. ICICI Bank – Buy above 1123. SL for longs is 1110 which was the buy above level for today’s trade. Incidentally, today’s daily pivot is also at this level 1112. This means that longs are built at this level. If the stock goes below this, then sellers will strengthen.
If 1128 is crossed, then it could touch 1135.
2. SBI – Buy above 2179-80 levels, the stock is showing some weakness which is bit surprising to me. Keep SL at 2160 levels.
3. ONGC – ONGC is attempting a recovery in daily charts, buy only above 323.50 with SL at 319.
4. Cipla – Continues to be strong. In daily charts RSI has crossed above 50. In last three sessions, the stock closed above 15 and 20 DMAs. Buy above 388 with SL at 384.
5. Maruti – Likely to move up further. 1435 is the SL for all long trades. If Maruti opens flat or down, it will recover from 1440-35 levels. Buy when charts give buy signal.
I trade based on my levels only on the stocks above. Wherever possible I will give real time alerts of my trades. Do not listen to any TV channels or broker tips, but just trade only the above based on levels. All 5 may not give chances for trade. But even if you get 2 trading opportunities, you will end up in profits. Wish you good luck for Friday trading.
All the views and contents mentioned in this blog are the personal observations of the author and is in no way a recommendation for the readers to enter into trades of stocks/futures. The author do not accept any liability/loss resulting from the use of any content from this blog. Any act of trading performed by readers should be at their own discretion and neither the author or the sources mentioned in the blog will be responsible for the outcome.

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