Friday, October 23, 2009

Why Day Trade Today - Recommendations For 23 Oct 2009

Why didn't I give any day trading recommendations on 22 Oct 2009? Yesterday I had given no recommendations for trading in stocks futures. In fact I had not posted anything and remained just a silent spectator throughout the day. For compulsive traders in the market it will seem to be almost a Herculean task - not do anything on a particular day. But then it is one of the qualities you will have to consciously develop if you want to survive in futures trading over the long run.

I still haven't answered my question.Why I didn't give recommendations to trade futures yesterday was because I was not certain. I didn't like the general sentiment developing across global markets. Whenever there is doubt creeping up in your mind just stay away from market. Let it do whatever it wants to do. The worst that will happen is that you will miss out a profitable trade or two. But then that is erring on the positive. At least this scenario cannot burn a hole in your pocket, nor take your peace of mind away. No sleepless night!

But today is different. The US markets have again taken the lead to show the direction and mind of the markets. Asian markets are pleasantly trading in green at 8.30AM IST and all seems to be fine up above.For day trading, today my recommendations are as under :-

1. Buy Centurytex Oct Fut at 495/500 for a target of 534. If you plan to keep it for tomorrow then this position should give 561 in couple of day's time.

2. Buy LITL Oct Fut at 513/518 for a target of 568. In case you hold the position till expiry then it should give you a target of 588 to 600.

3. Buy Nagarconst Oct Fut at 164/167 for a target of 171.If you plan to carry your position then you can see a target of 171/180 and finally 188/190 being achieved in couple of days.

4. Buy HDIL Oct Fut at 375/380 for a target of 400.

5. Buy Punjlloyd Oct Fut at 270/274 for a target of 286. If not today then you can keep it for tomorrow.

6. Buy DLF Oct Fut at 445/450 for a target of 465. You may plan to keep your position open also for a couple of days for a target of 500 plus