For the time being, I decided to post a watchlist of Indian stocks that I will be keeping a close eye on next week here only and hopefully, there will be a separate blog on Indian stocks by next weekend.
Federal Bank Ltd - Like this until the trendline marked below is broken. Could run on a close over 457.
LT - Was impressive on a down day on Friday with the volume also being good. The earnings did surprise on the positive side and a break of 1750 could finally be on the cards.
Dish TV - Already in this one. Looking for a break of 80. Love the volume pattern. Strong support on 68 level means this can be bought even on low volume pullback.
Hindustan Lever - Broke from a lovely consolidation pattern on Tuesday. Would like to see some consolidation here before it takes a crack at 330.
MRPL - Bought some of this on Friday. Stop loss below 73 with a final target of 84.
Another stock that I will be closely watching is Arvind. Was "lucky" enough to sell half my existing position close to the highs last week and won't hesitate to buy it back on low volume pullback. One thing common between all the above stocks is the bullish volume. As a momentum trader, your biggest friend is volume. No volume, no play. Another thing common in all the above stocks is that they held up pretty well on the down days. This relative outperformance is something you want to see in stocks you own or want to own.
If you would like to see a separate blog on Indian markets, see here. Thanks to all those who have already mailed me!
I will be back with my take on the US markets for next week sometime later today.
Take care and good luck!