ONGC to trade sideways

shikhagupta2589 Updated   
Hi Traders!
Hope you are doing well in markets. My trading strategies might help you to increase returns on investments. My strategy prioritizes safety over exponential profits.

This stock being low in value will give profit or loss on high volume trading. So those who pay high brokerages should either trade in higher volumes to cover brokerages out of their profits. Calculate your cost of trades to find out the break even below placing orders. There are a few scenarios and place your order according to the scenario that you observe in market tomorrow.

Current close: 82.40,
---------------------------------------------------------------------Intraday Traders--------------------------------------------------------------------------------------------
Scenario 1:- Market opens between 81.70 and 82.40.
Strategy: Trade only after first 5 minutes.
  • Short Selling If price breaches 81.70 then wait for a fall and sell @81.45, Target 80.35-78.75, SL@ 82.20
  • Buy/Positions If price touches 81.70 and pulls up back then buy @82.00, Target 83.20-84.60, SL@ 81.70

Scenario 2:- Market opens at or below 81.70.
Strategy: Follow Short Selling strategy (Case 1) of Scenario 1.

Scenario 3:- Market opens at or above 82.40 but below 82.90
Strategy: Buy @82.40-82.75, Target of 84.60, SL@ 81.70. If price struggles to cross 83.50 by 1p.m then sqaure off your positions at 83.35-40-45-50.
---------------------------------------------------------------------Intraday Traders--------------------------------------------------------------------------------------------
For positional traders, The ONGC is expected to trade sideays for a few days.
Folowing is your entry point and short term targets for this stock.

Scenario 1: Trigger Price: 80, Buy Price: 80.40, Target: 82.40, - 84.60, - 86.10, - 92.25, Highest Target duration: end of next week.
Scenario 2: Stock doesn't correct: Buy Price@ 82.00-83.00, SL 81.55, Target: 84.60, - 86.10, - 92.25, Highest Target duration: end of next week.
Scenario 1 Executed. Profitable trade.


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