Today IIP data was awaited,A short trade in IFCI was done in morning usually when it is seen that nifty is witnessing free fall its good to short weak stocks provided you are fast enough or can trail with stop profit(it is a stop loss which is initiated when the trade is in profit for us to make sure it remains in profit )well nifty recovers smartly only to be beaten down again to the days low because of bad IIP data.
Tried another short in IFCI but it did not perform accordingly also nifty started to show strength trade was covered in loss before the stop loss.Since IIP data was bad it was really tough to take a long call suddenly as the nifty started to buzz in positive direction,
But when even market breath started to turn positive it gave confidence and few small trades were initiated in ISPAT IND ,WELGUJ and HDIL which did well rather should say quite well before the Market closed.Today CAIRN was a big miss trade though we did discuss that few trading days back exact same pattern was seen today too to see the old pattern click here...
Todays analysis is again on CAIRN chart attached.
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