Don't sell your holdings yet
2 min read

Don't sell your holdings yet

Market report #2 of June 2021.
Don't sell your holdings yet

Time required to read: 2 minutes.

Content in this post:

  • Market View
  • 2 short term trade ideas

Market View

In the last post, I mentioned that the small correction is more or less over - ironically, the Market opened deep down on Monday.

Now, if you didn't hold any leveraged position in futures or options (which should be hedged in case of weekend carry), then you would have experienced one of the fastest recoveries in the market on the same day.

But, that was not enough to say that will it sustain or will the market spend more time again having a few more volatile moves.

Here's my analysis about the same -

The correction is over. The index is now getting ready to create a new high very soon.

I will update you when this view will change.

This view is mainly for short to medium-term trades that we take. For long-term stocks, you can wait for the next correction to add more.

Short term trade ideas

  1. Gravita India Ltd.

Gravita India Ltd. gave a good breakout on the daily chart. This came after many weeks of consolidation between the last breakout and support levels.

In such breakouts, the target price is usually equal to the size of the last range - thus making the current target of Gravita to be 180-190 in short term.

2. FDC Ltd.

A similar high volume breakout is with FDC Ltd. on the daily chart.

The volume is big, the range was also good. The target should be 480-580 - anytime soon.

Note: I always take positions in the stocks mentioned in my posts. I share what I trade.

Disclaimer: I am sharing these posts for educational purposes. Thus, I will strongly recommend consulting your financial advisor or perform due diligence before you take trades based on these posts.

In case of any query or clarification, please feel free to mail me or post your comment on this post (you need to open this post at newsletter.traderspit.in)