Out of our 4 trading calls for this week, only Cairn and HMT got entry. Jyothi and Sterlite opened above our entry levels and stayed up. Whereas both the stocks which we entered into have closed below 13 EMA on daily charts. With Weekly charts having a falling MACD-h and rising EMA, daily chart should have both EMA and macd-h rising. Now, since the EMA is falling on daily, we have to close position below today's low for both the stocks.
Cairn: Exit long if trades below 231.25.
HMT: Exit long if trades below 65.90.
We have to re-visit long trades in these stocks on further signals. If the lows are breached we will be losing a marginal portion of our allowed risk on these stocks. That is the rule of the game. When all the indicators are in sync, we stay with the position. Once we find weakness we wind up and run, not walk. Keep our capital safe for re-entry.
In case today's lows are not breached, we will hold position for further signals.
On CIPLA, move stop to 222.95, with this we have almost locked full risk in this stock. The other positions, OBC is slowly getting strong, hold stops.
Happy trading.
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