The new year party continues for NIFTY.
The new record high was made at 12311.20 yesterday. After touching the record level, a lot of selling came up and NIFTY moved lower to 12213.20, a good 98 points down from the highs.
The last 30 minutes saw NIFTY moving up once again and it closed the day at 12256.80.
If we take a look at the one week period, NIFTY has moved up by just 30.15 points in 5 trading days.
It fell 233 points on Monday. Moved up 60 points on Tuesday. There was a small down move of 27 points on Wednesday and a big 190 point up move on Thursday. The story of Friday is already described above.
Overall, it was a lot of movement finally not going anywhere.
For the record, there is a new high. I do not believe it helped anyone make some money.
Our Trades :
Like the NIFTY moves, our trades too went both ways and finally the result was similar. We went into a small loss at the end of this week as compared to a small profit on January 03, 2020.
We had begun the week with a notional profit of Rs. 1010. After the crash of 233 points on Monday, we were sitting pretty at a likely profit of Rs. 17840. The bullish move after that saw our trades move into the red again and on Thursday we were looking at a loss of Rs. 7235.
On Friday, position improved a little in spite of NIFTY moving higher, thanks to the down move in ZEEL.
We are still in with a chance.
Well, the week is gone. It gave us nothing but did not cause a big damage either. If we ignore the big ups and downs due to US Iran standoff, finally it was just a flat week with nothing gained and not much lost.
We look forward to next week.
Enjoy the weekend.
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.