Portfolio Changes - What am I doing?

Sensex  9734.22  -385.79 (-3.81%)

ICSA  NSE  191.85  +6.7 (3.62%)

Today was a good exit opportunity for ICSA. I am apprehensive on the stock based on the following.

1. The stock has completed most of the retracement from its low of 143. From here on, there is very little upside left.

2. Stock could touch 100 in the short term at which point, I'll look to add again.

3. The upswing to 200 levels was seen with low volumes whereas the fall was with higher volumes. Hence, the stock continues to be weak on the charts.

4. FII ownership is close to 50% which means the trend will largely be controlled by one segment. The past quarter has seen some short term buying and selling from FIIs. If you look at the current holding structure, its easy to understand that most of them have brought down their cost of ownership. Many FIIs have sold the stock at higher levels and have bought lower. The practice looks malicious, however this is how it will be till SEBI bans short-selling!