We had two trades set up on Friday.
Yesterday, RELIANCE moved higher in the early trades and made another all time high of Rs. 2360. The momentum could not be sustained and the price came down to Rs. 2296.25 by end of day.
Such bouts of buying and selling are what makes the market interesting.
ASIANPAINT fell to a low of Rs. 2005 before recovering to Rs. 2028.50 to close the day with a minor loss.
Considering that the position was giving a profit of more than 70% of the initial credit in case of RELIANCE, it was decided to close the trades in this set up.
The trades in ASIANPAINT are still open.
A profit of Rs. 6363 is booked in RELIANCE.
ASIANPAINT trade is still on.
We are not looking for a new trade today.
Trade cautiously, trade profitably.
Disclaimer: This post and examples are for teaching purpose only and are not meant as advice/suggestion to trade in these stocks. Trading in Futures and Options can lead to big losses and should be done with appropriate knowledge and advice only. Mentioning the stocks here does not imply that I have a trading position or likely to take a trade in these stocks.