Be impatient. As always, small loses and quick losses are the best losses. It is not the loss of money that is important. Rather, it is the mental capital that is used up when you sit with a losing trade that is important.Never, ever under any condition, add to a losing trade, or “average” into a position. If you are buying, then each new buy price must be higher than the previous buy price. If you are selling, then each new selling price must be lower. This rule is to be adhered to without question.
Do more of what is working for you, and less of what’s not. Each day, look at the various positions you are holding, and try to add to the trade that has the most profit while subtracting from that trade that is either unprofitable or is showing the smallest profit. This is the basis of the old adage, “let your profits run.” – Richard Rhodes’ Trading Rules.
IDFC has been trading in the range of 158-166 and facing resistance of lower rising trendline.
Buy above 160.4 Tgt 161.4,162.3 and 164
Sell below 158 Tgt 156.7,154 and 151
Kotak Mahindra Bank
Kotak bank is having strong support at 616. Any break of same can lead to further selling.
Sell below 621 Tgt 616,612 and 609
Buy above 626 Tgt 629,632 and 635
Gail has formed a Head and Shoulder pattern with neckline at 345.Break of same can lead to 300 odd levels in short term.
Sell below 345 Tgt 342,339 and 337
Buy above 348 Tgt 351,354 and 358