#MarketUpdate - Ray of Hope? (Updated)

Update - 27th March 3.30 PM

As posted on the What's App broadcast in the morning, the news of rate cut by RBI has already been discounted by the markets and hence, with Buy The Rumpor, Sell the Fact analogy, a fall or a correction was expected after the news broke out today after the RBI announcement...

the gap up opening in the morning was given up immediately after the news, as the correction was of more than 500 points as the markets sold off from the highs of 9038 levels till 8522, though settled near 8674, marginally up by 13 points.

On hourly charts... Though. Nifty is kind of making a Head and Shoulder (bearish) patter, the RSI shows a Bullish hidden divergence. Also there would be hourly (closing basis) support near  8330, which is the Supertrend.

So in a nutshell, bias would remain bullish, unless Nifty holds to the trendline drawn on the chart above (8600-40), below which 8380-8330(Supertrend)-8270 can be good supports. If the Head and Shoulders materializes, the potential target could be near 8k mark...

However, hidden divergence means, above 8700 and 9040, Nifty can scale further highs near the resistances shown in the chart below...

Trade accordingly....

Cheers, have a great weekend...

Hrishi

#MarketUpdate - What's next? (Updated 26/03)

Update - 26th March 2020, 9.20 AM

Though, Nifty neither did respect the Morning star pattern nor held on to the mentioned supports, and could not surpass the same, we didn't get any long entry then....

However, below 7800, Nifty halted near the first support mentioned of 7500, and after creating a low of 7511, has so far rallied till 8300-8400

It is very crucial now, that the recovery which happens, should take place in a consolidation manner and there should not be any V shape recovery as seen earlier, as they prove to be short lived.

On the IV side, since 6th Mar, it closed in red only for the second time yesterday, and more importantly, created a bearish like pattern (Harami / Dark Cloud), and today, slipped below yesterday's low, further bearish confirmation for IV can be when IV breaks the low near 71.95, which would confirm the bearish pattern. (CMP 76.90).

All said and done, a recovery, or let me say a sustained recovery can only be possible if we consolidate near these levels with a gradual fall in India VIX... If, without breaking the supports, if VIX creates a new life above 86.64, it could mean some more volatility and pain is still left for markets on its way down...

Cheers

Hrishi

#MarketUpdate - Bang Bang . . But is the worst over.. ? ? ?

Hey all,

After a sudden sell off at the opening itself, Nifty hit its 4th ever down circuit of 10% and was halted for 45 minutes. That 10 minute slaughter took Nifty to 8600 levels. Even after re-opening, it traded a bit in the negative territory, and created a low near 8550.

And then, as we checked yesterday, bounced back sharply from there to trade near 10k levels now. This, I guess is the biggest intraday pullback I ever saw in my market in past 16 years. 

A pull back of close to 1600 points from the lows of 8555 to the high of 10160.. Which is a roaring 18.7% jump ! ! !

Now, as suggested in my other post of yesterday in What To Do?, if any one has purchased anything on today or yesterday, would already be profit mostly, so enjoy and keep on holding for great returns.

A common question now would be why the markets pulled back so much.... And my answer is common... Buy the Rumour Sell the fact...

It is heard that the Finance Minister is likely to address the media at 3:00 PM now, and market grapevine suggests there could be announcement regarding the Yes Bank bailout package or / and probable fiscal stimulus (similar to what US did last night)..... 

As per me, prices are discounting these facts currently, and post a positive announcement (IF ANY), it might stabilize a bit. Notably, the VIX (Volatility index) had rallied up to almost 59%, which is even higher than the 2008 crisis, and surely, it needs to cool down...

On the higher side, the first resistance for Nifty would be near a big downward gap of 10040 to 10340, after pulling back sharply towards 10150, it has now corrected a but and is trading near 9980

Personal view - 

The way bulls have managed to come back in a style, today's low would be very crucial markets to decide the course of action for upcoming months / years. However, any further upside can only be possible if markets take out this high of 10160...

Also, based on the wave counts I reckoned, after rallying for a while, or consolidating till the resistances (if surpasses 10160...) near 10350-10500-10750-10840, I feel Nifty can still, potentially go down, and even lower than 8500... Time would only answer this eventually.

Also owing to the highest volatility, remember to trade with strict stops and targets.

Plan of actions for investors, please keep adding quality stocks with every 5 or 10% corrections.

For traders, the immediate term bias remains bullish, unless Nifty holds the recent lows...

Let us wait and watch for a trade set up, if it unfolds on the charts...

Till then...

Cheers

Hrishi.. 

.

#MarketUpdate - Leee Bazaar, Nifty 9 Hajaar.... Ab kya Vichaar? (Advanced Technicals)

Hi all,

Everyone, connected to finance, right now would be thinking of a song,

Ye... Kya hua... Kaise hua... Kab hua....

Investors would singing, Kya hua, tera vaada... Ha ha ha...

Jokes apart... but, excuse me for the start, in case it did not go well with someone.. But after such a challenging time, thought to at least start the post, on a lighter note, as it is going to have some important / advance inputs to the best of my knowledge....

Let's get started and try to decode it for the upcoming time...

As posted earlier, thanks to the bearish pennant pattern, Nifty hit the target of 10k, honestly, in a very quick manner than I expected... Moreover, it also slipped by more than 5% below the targets and is currently trading near 9.5 k in India

Please also note, at the time of writing this, SGX is trading near 8.7k, down by more than 800 points from today's close...

Now... most important... What to expect going forward...

Looking at the monthly chart, one can notice 2 trend lines, 1st connecting lows of 2008 - 2013 (white), and other one connecting 2013 - 2016 bottoms (Yellow)

Please note that, both the trend lines are not confirmed ones and as they are long term, just a prediction that they might help bulls.

By looking at the SGX Nifty future, looks like 2nd yellow trend line would not hold.

However, the other white trend line coincides near a weekly support / demand zone of 9k to 9.2k, moreover, near the same mark, on daily and weekly chart, there is a small gap up opening (of March 2017) which also might act as support... We call it, Confluence of indicators... There is also a very small gap in Feb 2017 between 8783-8805.

Finally, based on my understanding of the Fibonacci retracements and the little knowledge I have about the Elliott Waves... Out of the larger move from 2252 (Oct 2008) to 12430 (January 2020), Nifty has already completed 23.6% correction of around 10k levels, and now the next pit stop would be near the next crucial mark of 38.2% around 8500 levels.

As per my understanding, for a healthy and sustainable upmove, the corrections usually halt near 38.2% (they can also be as deep as 50% or 61.8%, and 78.6% is the last resort, below which the entire up trend gets challenged, to an extent. But that may not be an option as such, as breaking 6357 will disturb the entire bullish wave count, and everything might go for toss then... even a time to worry for investors, may be)

Also, previous top of Mar 2015, and likely the support zone now, too, comes near the aforesaid range of 8900-9100, creating another confluence.

So, to sum it up...

I feel the area of 8450 on the lower side (a gap up of 13 points in Jan 2017) and 9100 on the higher side, should ideally offer a great amount of help for bulls going forward, and may make sense too, as after creating a low near 8570, SGX Nifty bounced back sharply to trade near 9k levels at the time of writing this post. Below that notable supports can only be near 7900-8000 and 7300 (being the 50% retracement marked above)

Most importantly, unlike all the steep falls in the past, including the 2008 crash, volumes are surprisingly decreasing for the current fall, making the case even more stronger for bulls...

So, let us see in the coming times, what's all in the offering for traders...

Cheers till then...

Hrishi

Nifty @ 9k.... WHAT TO DO? (Especially for beginners...)

Massacre..... Mayhem.... Bloodbaath....

Recently, As a market participant / an enthusiast... I m sure, you would have come across these words regarding the financial markets... They are spread either by them who know the inherent potential of markets or by someone with no interest or knowhow...

Those who are untouched with it.... well... Great... and You shouldn't be as such.....

This is going to be a lengthy post, mainly for those who feel shattered/devastated/exhausted/frightened/demotivated/ with this market move.... 

My advise to them... is... Just hold on....

And, I never say this, but looking at the current scenario and recent interactions with you all, 

request you to share it with those it may matter... if you find it useful 

So, from the life high of around 12.4k, Nifty has fallen to 9.5k,which is a fall of close to 20%... (at the time of writing this post, SGX Nifty is already trading near 8.6k levels)

Firstly... This is not the only time when markets are down more than 15-20%, earlier in 2008, 2011, 2016 and 2018 Nifty the same thing has happened...

In fact, in 2008, due to the global sub prime crisis, Nifty was down by almost 65% from the top, so relax... though this is not usual, it's not a massacre / mayhem.....

Now the next point is, why are we falling... So we are falling, along with the global indices which are down by almost the same magnitude... Reason being... a mix of Corona virus outbreak and global oil price war, coupled with domestic and global economic slowdown concerns....

Which means, it's not only India... like the fall of 2008, the entire globe is down by 12 to 30% approx

Is the fall over, where will it stop?

Honestly, as stated above, there were bigger falls, and we can't say...

(Will be posting my technical report soon, please click here. for the same) 

What's important here is to know is....

What usually happens after a fall of such a quantum...

Historically, since the last 15 odd years, for which I am following the Indian markets, it is observed, that after a fall of anything above 10-20%, on an average...

Next 1 year returns are ~ +30%
Next 2 year returns are ~ +50%
Next 3 year returns are ~ +65%
Next 5 year returns are ~ +100%

Source... Nifty Daily/Monthly data... anyone can check the major falls I stated above...

Just to give an instance...

Before the fall, in 2008 Nifty fell from 6.3k levels to 2.2k levels in Oct 2008..

But within 2 years, in 2010 November, Nifty was back at that level, which is almost a 300% rise...

Which means, be it a financial crisis, or any other type of crisis geo political, social, medical ,etc, Markets have always handled it, sooner or later....

So, now the big question is

What do we do now....

For seasoned traders, request you to refer to my other post

#MarketUpdate - Leee Bazaar, Nifty 9 Hajaar.... Ab kya Vichaar? (Advanced Technicals)

But for long term investors, like I have been saying umpteen number of times in my sessions, investing is Buy and Hold (the quality stuff, off course...)

Hence, this is a time to BUY or ADD On to the quality ...

For some of you, especially new entrants, this might really sound, idiotic/pathetic/illogical,

but trust me, you will thank me in 2030..... for sure...

Even if, anyone is not able to dare to buy right now, my suggestion is, at least DONT SELL, let the markets settle, which might take a few month or even this entire year, and then enter, but do not sell in panic....

I am not getting in to the specific stock selection, as it demands a bit of expertise... My advice to anyone is at least enter in to Index ETF, in a staggered manner (SIP)... (ETFs - NiftyBees, JuniorBees, M100, BankBees, PSU BankBees, Gold Bees (as a hedge)

I feel, and practice this... Usually, any 10% fall in the main index calls for averaging out for lowering the cost of purchase....

Ending up with a quote by Mr. Warren Buffet...

"Be fearful when others are greedy, and greedy when others are fearful"

This quote, is very famous and well known, even to the new entrants...

but trust me... very hard to Act upon....

This topic is never rending, and to know about more and detailed dimensions, you all have my contact details, feel free to revert....

Cheers

Hrishi....

#MarketUpdate - Nifty 10k....

Update - 12th March 9.30 AM - 

Target achieved @ 10k....



Update - 11th March 2020 3.30 PM

After respecting some positive cues from 15 mins and hourly charts, markets pulled back by almost 100 points on  Monday and could not be a part of the global roller coaster ride, thanks to the Oil prices, as we were closed yesterday.

With a due respect to the global cues today morning, Nifty rallied up by more than 100 points today as well, however, could not sustain the rise and finally closed the day flat, up by just 6 points. In the bargain, it has shown a kind of Bullish Counter attack pattern on daily charts, which would be confirmed only above 10550-60 levels, however, by looking at the turmoil world wide it is not advisable to go long with such a mild evidence.... (aggressive traders can take a chance of a long trade with lesser position sizing and strict stop losses)

Nonetheless it shows that the bottoms near 10300 will act as a crucial support for the time being and we can see a relief rally after a massive sell off of in past couple of weeks. Though the bias remains negative, 10300 levels should be watched carefully by the bears.

Resistances updated on the chart

Cheers

Hrishi....
_________________________________________________________________________________

#MarketUpdate - Bottomed out ? ? ?

Update - 3.25 PM 5th March 2020

Nifty exactly took resistance near the start of resistance area marked on the charts near 11380-400... Hence, now on it's way down, buy on dips is valid, provided there is a bullish evidence on intraday hourly charts,,,

Cheers...

Hrishi

#IPO SBI Cards - What to do?

Update on the listing day... 16th Mar 9.45 AM

By looking at the current market scenario, looks difficult to have 30% + listing gains like predicted earlier.. however, I personally feel, it should open up by around 10%...

Those who applied for it for mere listing gains, would be advisable to get out as markets are showing some more pain points in spite of  a smart pullback of Friday ....

Trading view for intra or short term....  based on candles of, 5, 15 or 60 mins.. 

Buy above the high, with a sl below the low of that candle...

Strictly a personal view...

For long term investment, take required cues from financials...

Hi all

A lot of you asked me personally about SBI Cards IPO.... So here it is...

Though the business is not niche, it is well known and promising in the current scenario. However as you all might be aware by now, that for financial valuation for investing purpose, I am not the best person....

But, by looking at the grey market and listening to market grapevine, it looks very good from listing gains point of view.... I feel, on a conservative side should give handsome gains on listing by at least 30 to 40%.

Also the issue size is comfortably big, and hence probability of getting an allotment is surely high.

My advice is to apply for the IPO only with listing gains perspective, for long term investing, request you to follow the available information on the internet...

Before the listing date, will try and share my opening day trading startegy to trade IPO.... Stay Tuned...

Cheers

Hrishi

#MarketUpdate - Back with a HAMMER

Update - 28th Feb 9.40 AM

Long trade not initiated as Nifty did not surpass the Hammer's high.....

Markets have fallen by almost 10% from the all time high near 11430, hence traders are advised to take trades with proper trading edge and money management.\

Notable supports now are 11000 - 11280......

Would not be advisable to go long without any bullish evidence...

It would be a great opportunity for investors though, to buy quality stuff (Bluechips, ETFs, Mutual funds, etc) for long term investing at low prices.

Cheers....

#StockUpdate - Yes Bank... Yes or No ?

Hi All,

A lot of you are asking me about Yes Bank. Though there was a sign of relief when it rallied almost till Rs. 78 in October 2019, it has again fallen back to the earlier lows near 30-35 levels.

When it was near these levels earlier, I had suggested a long position with stops below 15-20 levels for an upside till 60-80, which was almost achieved.

Now, on the fundamental front, there is a lot of ambiguity and uncertainty regarding the stock and I did not track it in detail on those grounds (also not interested in doing so... ha ha ha)

Technically, the stock has gradually fallen from 78 to ~ 35 levels now and trades near a monthly support below 29... Back then, the monthly chart of Sep and Oct 2019 had formed a strong Bullish pattern viz. Bullish Separating Lines, however the same was not confirmed as the prices could not cross the pattern high of 78.7 in the following months.

My Plan of Action

1. Investors - Those who are holding it from an investment perspective, as mentioned earlier, the fundamental aspect needs to be checked thoroughly and there are lot of uncertainties. Better to take a view based on financials for the same

One can use these bullish confirmations to average out the position to reduce the average cost if buying, however a detailed look at the fundamentals would surely be advised...

2. Traders -

a. Since the prices are trading near the supports of 29-30 levels, those already holding a positional trade as advised to hold it with that stop loss

b. Aggressive traders can think of buying at current levels of Rs. 35 with stop loss below 29 (closing basis) and targets near 45-48-53 in short to mid term, however important to note that the stock is just trading near support and has not given any other positive confirmation.

c. On a safer side, a long trade can be initiated once we get a bullish evidence on the shorter time frames either weekly, daily or hourly as per the tenure of your trade and act accordingly

In a nutshell, levels of 29 looks like the last ray of hopes for bulls, below which the stock may tumble down further to 23-20-15 levels...

#BudgetUpdate - Buy the Rumour Sell the Fact...As Simple As That . ! ! !

Hi All,

As explained in the earlier Budget Day post, As there was a downward move before the budget i.e. fro 12430 to the Budget day low of 11633, it was expected that Nifty should trade with a positive bias starting this week.

Accordingly, Nifty started the week positively and has already covered more than half of the downfall of budget, already up by almost 2% from the bottom.

On the hourly chart, Nifty gave a strong Bullish engulf pattern on the first candle yesterday and traded straight away with an upward bias.... After the recent price moments, the low near 11600, should act as a strong support going forward, if the rally need to continue upwards. Levels near 11500 as mentioned earlier and 11600 would see a strong buying pressure as it is also a 61.8% retracement of the rally from 11090-12430 levels and hence, any bearish view is only below these levels.

On the up side, Nifty will face immediate resistance near 11850-60 mark, post which 11900-11940 will be crucial levels to watch for which is the hourly Super trend.

If the markets sustained today's Gap up opening,  11700-11750 would be good supports on the lower side...

Plan of Action....

Firstly, though was not advisable on a Budget day, if anyone has taken a short trade suggested below the supports of 11900, must close the short trade as it has done its job by going down till almost 11600 mark.

Going long right now may not be advisable as the risk reward is not favourable and hence, my action would be buy on dips with stops below the supports mentioned on top and marked in the chart.

Cheers

Hrishi...

#MarketUpdate - What to Expect on the D - Day... #Budget

First and foremost thing...

VOLATILITY

As we all know, today is the day of volatile moves.... Already proven today with close to 1.5% movement already, and the Budget is not even started. Otherwise, the historical data shows that Budget day closing ranges between -3% to 4-5%.

Regarding levels, Nifty will have supports near 11900-11800 mark below which the sentiments would become completely bearish. In intraday, Nifty has opened with a lot of bearishness and created a low in the support area mentioned, near 11880, and sharply bounced back to trade currently above 12k mark, at the start of the budget... It's important to remember that, below 11800, material support finds itself only near 11500

On the higher side.... 12060-12110-12170 will act as strong resistances for the index.

I feel, irrespective of the technicals, advisably, the bias for today should be " Stay Away" from the markets, as the volatility is already near 17.5% with resistance near 19.20%

So trade unless something is very concrete to be traded upon, else it's better to stay away and enjoy the Budget in a weekend mood... :)

However, for those who desperately want to trade, my suggestion is not to short at current levels and wait for supports to be broken sustainably, and going long on dips with supports as stop losses. Still, would want to reiterate, it's better to watch today's trading session from outside the markets, as it's just a day, and wouldn't cost you much...

Personally I feel, real estate, Pharma, healthcare, banking, FMCG, agri stocks (fertilizers, etc), railways are the sectors would be trading with a positive bias... Any announcement on Income Tax Slab, or corporate tax, which is already expected atleast for Income Tax, would be cherished and applauded by the traders, respectively with the quantum of the announcement. Also, any positive announcement on Dividemt Ditribution Tax or the STT would take markets to even a new high. However, I fear, lack of any concrete announcement on tax front, may really hammer the markets down.

All said and done, please remember the analogy I keep quoting in my posts, Buy the rumour, sell the Fact... And as the markets have already given a bit of correction already for past couple of weeks, provided that we have a balanced or even neutral Budget, one should trade with a positive bias starting next week, provided the levels are adhered to.... With extra volatility, the levels might be changed, and I would inform the same in the next post, if any material changes takes place...

Cheers

Hrishi....

#MarketUpdate - Budget...What's in it for Nifty ? (Updated)

Update - 29th Jan 10.10 PM

Risky traders book partial profits near 12140, longs initiated near 12060

#MarketUpdate - Counter attack ! ! !

Hi All,

Wish you all a very Happy and a Prosperous New Year...

The new is is quite not as prosperous for the markets though... Due to the ongoing tensions between US and Iran, coupled with domestic economic growth issues, Nifty witnessed a rollercoaster ride this year. Firstly, it could not take out the lifetime high made on 20th December and fell by almost 2% to sub 12k levels.

Though looks very surprising given the current geo political and economic conditions mentioned above, but bulls are not allowing bears to keep the prices low for today and yesterday, by pulling it strongly by 0.5% and 1% from the day's low.

Moreover, today Nifty has given a strong bullish pattern, Counter attack on the daily charts and it has taken a support on the hourly supertrend near 11940, which convinces me to believe that the recent lows near 11900-940 would be very important for bears and any further downfall can only be expected if the bears can sustain the index below these levels.


Supports - 12000-11970-11940-11900
Resistances - 12075-12100-12160-12240-12290

Plan of action - Given the uncertainty and the volatility prevailing at the micro and macro levels, even though i am bullish for near term, it would be a bit risky to initiate an overnight trade and advisable to trade with high amount of caution and with strict stop losses even for intraday

Cheers

Hrishi...!

#MarketUpdate - Uncomfortable at the top !

Update - 16th Dec 05.30 PM

Though, Nifty gaped up at the opening, it did not sustain those levels and gave off substantially from the top.

After today's action, Nifty created a Dark Cloud cover Pattern on daily charts which is a Bearish formation, and the earlier short nifty view is intact with stop loss above the highs. The downward move would be accelerated if Nifty sustains below 12040-12000... the targets would be 11940-11850

 Cheers!!!

Inter market Divergence. ...

Update - 26th November, 09.40 AM

Nifty didn't break the supports of 11780-50, mentioned earlier and after a lot of struggle, finally managed to cross its all time high of 12103.05, created a new high today of 12132, so far. Based on Fibonacci extensions it can primarily target 12210-12265.

#MarketUpdate - What to do regarding Infosys now?

Update 13th November 12.20 PM -  Trail stop losses for the trade below 675-670 levels (crucial daily supports)

#MarketUpdate - Is the worst over ? ? ?

Update 23rd Sep 2019 9.25 AM

Target for Inverse HNS almost achieved in the early trades... Book another half and trail stops below 11200...

Nifty took resistance near 11660-70, the key resistance is near 11710, any further upside can be possible only above this now.......

Cheers......

Looks like.... at least for Short term.. Provided we close and sustain above 11200-230 on Nifty.....

As posted yesterday, the last Ray of Hope for Bulls, the Dragonfly doji pattern on the hourly chart, near a crucial daily support, worked superbly and thanks to the corporate tax announcement, Nifty bounced back sharply by around 550 points, and currently trades above 11200....

PRICE DISCOUNTS EVERYTHING.... We just need to be capable of reading it..... _/\_

Plan of Action - 

To begin with, those who are already long in Nifty near 10720-770, as per the previous post, can hold on to it with a trail stop below 11100........ Fresh longs are not advised right now, as the risk reward would not be favourable, once can look at buying on dips, with additional confirmations on intraday charts....

Now important observations supporting the Action plan.... Followed by the chart....

1. If Nifty closes near the current rate of 11200, it completes a Higher Top - Higher Bottom on daily and weekly charts, which is a welcome positive sign for bulls in short term

2. The 200 DMA and DEMA for Nifty are near 11200-11230 levels, hence a convincing close above (sustainable) it would create a sizable bullish sentiment for short term. (40 Weekly MA is near the same levels 0f 11230-50 hence they become very crucial...)

3. Today's surge, also help Nifty breakout of a consolidation range of past few weeks (11180-10640), hence a sustained close above 11200, could target 11600 for Nifty

4. Lastly, in this entire bargain, Nifty has also formed an Inverse Head and Shoulder Pattern on daily charts, and it would also be confirmed after a close above 11070-11100 levels. The target for this could also be above 11600....

5. If the litmus test of a convincing close above 200 DMA is passed, then The next crucial resistance for Nifty would be near 11400 (50% retracement of the entire fall from 12100 to 10640), 11550 (61.8% retracement of the fall) and 11700 ( next price top in Nifty of July 2019)

6. Also there is an inter market divergence between Nifty and Sensex, where Sensex broke the August lows, Nifty held on to it. (the reverse had happened at the top in the month of June 2019, where on consecutive 2 days, 3&4th June, Sensex hit  a new high and Nifty failed to do it, this was followed by > 10% correction)

The main concern for bulls now, can be a huge supply area between 11250-11400, hence fresh longs are not advisable at this moment.....

Supports - 11150-11100-11000-10870-10750-10660-10630
Resistances - 11280-11320-11360-11400-11450-11500-11540-11600

10600-10660 levels becomes the penultimate reversals for the view mentioned above...

Happy Weekend.....

Cheers . . . ! ! !

#MarketUpdate - Dragonfly . . . Last Ray of Hope ! ! !

Update - 20th Sept 2019 11.25 AM

Thanks to the corporate tax related announcement by Finance Minister.... Book partial profits in Nifty near 11080... Price discounts everything....

Cheers!!!

#MarketUpdate - Bang On.... Book Profits ! ! !

Update - 29th August 9.45 AM Nifty @ 111990

Hi All, as expected, Nifty yet again faced resistance near 11150-11200 mark and failed to go higher.

As advised day before, bears can book partial profits near 10980-90 for the shorts initiated near 11070-11100, and trail stop loss at cost...

Cheers!!!