Markets have given an up close for the weekend, but sentiment is still indecisive. Nifty is likely to hold range for this week. Market is awaiting major decisions in the budget, which will determine the swing, though most likely to be on the bullish side. Presently the market is in the wait and watch mode.
We have 4 calls this week.
Cairn India: Buy above 236.45 with a stop of 220.00 for a target of 285.00.
Sterlite Ind: Buy above 617.00 with a stop of 555.00 for a target of 760.00.
HMT: Buy above 67.60 with a stop of 61.00 for a target of 87.00.
Jyothi Stuctures: Buy above 127.45 with a stop of 114.00 for a target of 170.00.
Since we are already running 3 positions. The stop loss for those stocks for today is.
Cipla: Since the Weekly close is again bullish, we hold the 216.75 stop, open risk Rs. 542.00.
OBC: Stop has moved to 167.05, open risk Rs. 1842.00.
Bharti: Stop for this week will be 750.95, having an open risk of Rs. 972.00.
The total running risk on our account is Rs. 3356.00. Hence we are allowed to risk Rs. 2644 (6000-3356), on our account. Since we are having 4 calls today. We shall divide our available risk between the 4 stocks.
On this basis we are allowed to take position as follows.
Cain India: 30 Shares.
Sterlite Inds: 9 shares.
HMT: 85 shares.
Jyothi Structures: 40 shares.
If all the 4 positions get filled this week. Our total allowed risk is full, so, we are not allowed to take any more position, unless some open risks are closed either by exit of holding positions or by moving stops to lock risks.
Charts positions for all the 4 calls will be given in the next post.
Happy trading.
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