The current market has been very choppy in cases and very clear in some other.
Quite a lot of stocks tend to drop like a rock in a breakdown whereas some tend to whipsaw sharply.
Some examples below.
This is one stock which got us trapped at 27 odd levels. Had to average at 24-25 to get out at bounce.
A couple of sessions back it gave a clean breakdown below 23 but is now back above 23. Although volumes were supportive.
Couple of reasons for the bounce. The dividend yield becomes really interesting at 23-20 levels.
Bharat Forge — This was one of the short trades initiated recently. Keeping in mind the current status was booked 4-6% lower and now its possibly staging a whipsaw.
BOI – A breakdown which did crack pretty quickly
HDFC Bank —- The stock is one of the main stay in the index not letting the Sensex/Nifty crack. Any breakdown is seen by a faster pullback. Even HDFC Limited sees similar pullbacks.
Just a few quick charts posted.
Aditya Birla Nuvo one of the stocks recommended at 800-820 as entry price has dropped a bit more to 730-750 levels. Still remains a fundamental call with a medium to long term view. Continue to hold and add. Technically 740-700 seems a strong support. Will keep a long term stop on weekly closing below 700.
Some stocks under research — Repro, Aarti Drugs , Mazda Ltd, Atul Auto , Puneet Resins —- Just came on my screeners if people tracking please post a comment or mail.
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