Technical Calls:Bank Nifty,SBI and Mcleod Russel

By | March 21, 2012

One of the biggest problems new traders have is focusing on the wrong things. I did it, everyone does it. Being perfect is one of those things. Perfect is not a pre-requisite for making money. There is so much money to be made in between. .

Perfection and satisfaction are almost never in the same sentence. Your goal is to make money in an efficient way. It is not to make money on every trade. Satisfaction, for me, comes from following my trading plan/rules. With a good plan/rules the money will take care of its self. If my goal was to be perfect I would fail most of the time or I would accomplish nothing. Remember why you are trading.

Perfect also makes it harder to move on. The ability to move on quickly is key in trading. You must analyze what happened, why it worked or not, make necessary adjustments, and look for new opportunities. If you are worrying about perfect you are always going to be looking backwards. You get stuck in a transition stage. I think of these stages like quick sand, the longer I am in them the more I have to dig myself out. It is important to spend time in the transition stages but not so long it suffocates.

 

Bank Nifty

Bank Nifty formed double bottom on daily charts not breaking the low of 10135.

This is a bullish signal if this low gets protected for next 2 days.

Buy above 10300 Tgt 10370,10440 and 10495

Sell below 10250 Tgt 10200,10135 and 100031

 

 

 

Mcleod Russel India

Forming higher High and higher lows. Laxman Rekha at 253.

 

Buy above 253.5 Tgt 257.8,263

Sell below 243 Tgt 238.5,236 and 233.8

 

SBI

Pennant Formation in SBI. Bouncing from crucial levels Breakout comes above 2214

Buy above 2203 Tgt 2214,2240 and 2278

Sell below 2175 Tgt 2149,2138 and 2111

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