3148: For Monday: Hot Stocks | Here's why Concor and BHEL are short-term bets
- Publication Date |
- Jan 11, 2021
- Episode Duration |
The smart rally in Nifty on January 8 was mainly triggered by global optimism. It has been one of the biggest as well as the longest relentless rallies in the history of Indian markets.
Those who missed the bus are completely furious and at the same time, the set of contrarian traders also must have gone for a toss.
As a momentum trader, such rallies become extremely difficult to trade, because whenever the short-term tide reverses, it will catch a lot of complacent traders on the wrong foot.
Nobody knows when it’s going to happen and till the time we do not see any major reversal signs, better to be with the flow by following strict money as well as risk management.
As far as levels are concerned, we are in uncharted territory and hence, it’s better to go one step at a time.
For this week, the immediate levels can be seen around 14,400-14,550, whereas on the lower side, the cluster of supports can be seen at 14,300-14,150-14,000.
The first sign of real weakness would come only below 14,000-13,900.
At present, the ideal strategy for traders would be to focus on individual stocks by following a strict exit strategy.