When markets don’t help you, you need to help yourself. In the last three days, the technical trades were not able to do a very good job. And I also learned that having 3 stocks in portfolio, still is concentrated. Hence I tapped on the opportunity created today in the markets, to expand the portfolio into a couple of more stocks with bullish technicals.
I cut back my holdings on UCOBANK [stockquote]UCOBANK[/stockquote]to half, and CAIRN [stockquote]CAIRN[/stockquote] to three quarters to take new positions in SAIL [stockquote]SAIL[/stockquote] and PETRONET[stockquote]PETRONET[/stockquote]. Here is why..
It is clearly visible for SAIL that the oscillators are nearing the over-sold levels, and hence an opportunity is being created for the stock to start its up-move. The stagnating MACD lines are in confirmation as well.
Again, for PETRONET, the oscillators are much below their historical reversal levels, suggesting of an up move possibility.
Although, partial closing of positions did take the po
rtfolio a bit down, but I am sure that in the longer turn of events putting eggs in different baskets is going to help.
Here’s how the performance and portfolio looks like currently.
Cheers!!
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