On 7th Sep I recommended buying Rcom Sep Futures at 162/164 to my subscribers at http://www.stockezy.com/ . On 6th Sep the scrip had closed at 163.3 and was near its recent low. The decision on the face of it was fraught with danger. Every TV channel and print media was dead against buying Rcom before 135/140. So if these experts were right then holding a position at 162/164 would mean giving MTM of Rs 60000/- in case Rcom does fall to 135/140. So naturally Trading Room sentiments were one of fear and trepidation which can be felt through this link : http://www.stockezy.com/opinions/7342/buy-rcom-sept-futures/ . Subscribers were concerned and shared their concern in trading room. Sample these reproduced comment threads from above given trading room link:-
After 6 trading sessions of idling within a range of 162 to 165.5, Rcom finally gave way to lower side and closed at 159.2 on 16th Sep. When it was falling below 162 I was advising subscribers to pick up more. Why was I doing so? Didn't the voices of all experts and Fund Managers scare me? Find the reasons below:-
- From 28th June onwards Rcom has been continuously falling. It fell from 206.7 to a low of 155.3 on 31st Aug. In this fall there has been no significant bounce. The wave count as per Elliot Wave Theory suggested that the technical bounce would take place from 155.3.