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Markets near All Time High, hold longs

Plan for December 16, 2019

Markets just a few points shy of an all-time high, hold longs with slightly higher stop loss. Momentum indicators suggest the move has just started. We might feel in the chaos of local and global news markets won't go higher but the screen suggests it will cross the wall of worry.  Hold longs, enter on a pullback but don't try to short as this is not top. 

For the last 2 days, longs were suggested Click to read here, so are my positions, hold the longs and there is not much to do till market changes mood except to watch and sit tight. Here are a few entries yet you can take on Monday.

  1. Nifty longs with the stop loss of 12,050.
  2. Banknifty longs with the stop loss of 31,700.
  3. HDFC bank buy at 1,268 with a stop loss of 1,255. It looks extremely bullish above 1,280.
  4. SBI is at resistance, buy above 335 for new highs.
  5. ICICI is showing momentum divergence, take care in taking new longs.
  6. Reliance buy with the stop loss of 1,560.
  7. Axis buy above 760 with the stop loss of 735. 
  8. Crude looks bullish buy with the stop loss of 4,180. (For 13th December).
  9. Volatility breakout trade (Inspired by Linda Raschke), here you buy or sell the breakout with an initial stop of 1% and trailing the targets.
  • ONGC

Disclaimer-
All information is based on the current market situation. Take everything with a pinch of salt and consult your adviser. The outlook is for the personal use of the author and educational purpose for others.


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