Alpha Trade Journal: 29 August 2019

Alpha Trade Journal 29 August 2019

Welcome to Alpha Trade Journal.

Today was a decent day with NET Positive MTM. I only took 2 trades today.

As we were near monthly expiry, I was not trading in Nifty any significantly. A few option here and there, that is it. But not worth mentioning anything.

Here are today’s Alpha Trades:

Shorted Axis Bank at 675.4 and covered at 660

Axis has become one of my favorite stocks these days – Both long and short side. I have got a decent grip on its movement. This trade was also a day long short position – steady and one directional.

Actually, this trade of continuation of yesterday’s short on Axis from 693 levels. As we cannot carry shorts in cash position, I had to square off my short yesterday and I don’t really like to trade in FUTUREs.

Bought ICICI Pru at 419 – Carried

I shortlisted this trade yesterday when stock came on my radar. However, I did not take any trade in it this morning because ICICI Pru was recommend on TV channels by many TA experts. So it was a clear avoid for me.

However, during the day I noticed that all the frenzy in stock that was created by TV experts settled down around 1 pm and there were more sellers than buyers.

In sum, the initial retail frenzy was over by 1 pm.

I went long around 1 pm and although stock touched 425 and fell back to 419, it did not hit my SL which was at 415 on CLB.

During last 10 minutes of trading I noticed huge buying in scrip. There were more buyers than sellers and it was clear indication that retail was not buying the stock. I decided to carry my longs.

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