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Up Day or Down Day?

Plan for December 23, 2019

Index consolidated 2 days with ending each day with upside. Now I expect either range breakout on the upside or a down day to catch up with breath. There is a lot of opportunity in individual stock currently. The market looks bipolar and may continue to be so due to the Christmas holidays in international market. Just, for example, yesterday SBI was making high and Kotak Bank was making low. I expect this kind of behaviour till December end. 

We had already suggested taking some short position to counter long. This is the strategy we should use in this bipolar market. Individually there is a lot of scalp opportunity in stock, we just need to keep return expectation in tap and take what market gives.

  1. Nifty may see a trend day tomorrow, Buy above 13,310 with the stop loss of 12,250 or Sell below 12,250 with the stop loss of 13,310.
  2. HDFC is expected to trend if it holds up for the first 15 minutes with upside bias go long, or sell below 2,380 if it breaks downside.
  3. Kotak has been on an extended run on the upside which I suppose will stop, I would sell Kotak with the stop loss of 1,720.
  4. SBI buy at 338 with the stop loss of 332.
  5. Axis may see range expansion on the downside.
  6. Tata steel is at resistance, I am short Tata steel and long JSW steel, if it breaks on the upside in the first 15 minutes I would try to exit the short.
  7. JSW steel buy above 270 with a 2% stop loss.
  8. Volatility breakout trade (Inspired by Linda Raschke), here you buy or sell the breakout with an initial stop of 1% and then trailing the stop loss.
  • Tata Global Bev ( Buy above 316 and sell below 312)
  • Bharat Forge (Buy above 497 and sell below 489.65)
  • Glenmark (Buy above 354.35 and sell below 348.55)
  • HUL (Sell below 1925)
Do you have a different view? Do share in comments.


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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