ASI - The Weekly Report.....Differently

The ASI had more activity during the week just ended. But the number of Stocks having trades of 100 or above dropped. The PE of the market increased to 9.57 from 9.51 which is another indication that the Market ticked higher. ASI closed at 5988 over the previous weeks close of 5967 a paltry 21 points for an entire week. However it may be the start of a trend reversal, if so the previous weeks low of 5963 must be supported. Turnover (3,439,399,285) was higher over the previous week (2,758,608,338), Volumes too increased from 45.2Mn to 53.2Mn. The number of Trades too shot up from 14,211 to 16,386, the Foreign number dropped though from 636 to 554. When you break down the Trades the number of Counters that counted over 100 trades dropped from 35 to 29. But over 300 trades the number was higher from 4 counters in the previous week to 10. If you further break it you'd notice that out of 10 over 300 trades counters, the over 600 trades counters had increased to 4 from 2 of the previous week. 

The list of 300 club for the last 3 weeks is given below

Stocks that stand out as you can see are BFN,LDEV and KAPI. Before we dig into there Price action, let me tell you not to ask WHY this is happening. Traders do not ask why this or that is happening. 

ASI Weekly -

Firstly I like to check the Weekly ASI. I have shared a post on the Monthly ASI which is not showing a momentum change. However the momentum in the Weekly chart is bullish. As long as the Trend won't break below the previous weeks low of 5963, the Traders need to focus on the uptrend. Values tried to penetrate 6000 yesterday, but failed. As can be seen the 9EMA is at 6001, thereafter the next resistance is at 6071. Blue chip counters too have helped the market, thus contributing to the bullish momentum.

BFN Weekly -

Now let's look at Orient Finance (BFN). Over 600k of shares traded within the week, which was above the average of the previous 2 weeks. Same is the case with Trades. It must be mentioned that the price SHOULD close above 16/00 for an uptrend in the next 3 to 5 days. Further Weekly Volumes must be over 500k and ideally over 1Mn if we are to see a trend above 16/00. 

Trade Idea

Buy - 14/- to 15/-

Exit - over 16/50 with a final target at 18/-

Stop - 13/30

Caution!!! - Trade volumes you can exit with ease. Do not blame others if you over expose. 

AAIC Weekly

AAIC was in the limelight during the last few weeks, same is the case during this week too. Price went over 47/50, which was the previous high, and tested a psychological price point of 50/00. Before the next move up the prices will consolidate. This consolidation needs to be above 43/00, to see newer highs tested within the next 1 to 2 weeks. Breakdown below 43/00 will nullify the uptrend momentum and go into a prolonged consolidation. During which time a de-liveraging action could bring it down to test the 9EMA at 40.80. As such have your stop below 44/00 upto 43/00. If you are confident of the fundamentals then avoid debt and wait.

LDEV Weekly

LDEV came into the limelight during the week. After hitting a low of 3/70 with lacklustre trading we saw more than 2Mn shares changing hands with 800+ trades. This will be a stock all traders will be focusing on during the next week. With a stop loss at 3/70 you can trade this at 4/50 and below. However your present target is a bit narrow between 4/80 and 5/10 ( Trade with aggression within 2 to 3 days prices could immediately take it upto 5/60, but odds aren't great) Therefore do not chase it, but wait for the price to come towards you. You need to trade volumes that you can tolerate, else do some other venture, as you will not be fit to trade.

KAPI Weekly

This brought windfalls to many and nightmares to many as well. But if you have been a professional/highly disciplined trader you know you have succeeded above all others. Now what?

Trading this is very simple. Do not touch until it breaks out of the present high of 17/20 with volumes on a closing basis. Do not try to collect at this point of NO MANs LAND. If the trend is weakening and indicates a consolidation, then the best thing is to stop loss between 14/50 and 15/00, and comeback once the consolidation is over.  But for those who never had a clue on ideal volumes to trade, the only saving grace will be to stay away from margins. 

I will close for now. However the balance in the list needs to be covered in the next day or 2. If someone can share their charts on the rest in the list it will be great. Nevertheless I will do it before the Sun goes Down on Sunday.