NIFTY moved up 81 points to go above 11500 level and closed at 11521 yesterday.
BANKNIFTY too made a good up move but remains in the range 22000-23000.
For us it is important that NIFTY stays between 11400-11500 and BANKNIFTY within 22000-23000. The problem this week is that the premium loss in bought options for Sep 24 Expiry is at a fast rate as that date too is not far away. We get something from the sold options and we give back something from bought options. That giving back should be more than what we get. Let us hope it stays like that.
The position at close yesterday.
NIFTY trades have gone into a loss while BANKNIFTY profit improved.
We leave it to the market. If NIFTY comes below 11500 the situation will get better. There is today and then tomorrow to go through. Let us see how it works out.
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.