NIFTY moved a little down on Tuesday.
At one stage it was up about 50 points and looking poised for a big gain. But selling pressure came in and all the gains were given away.
But it did not help our trades.
The fall was mainly due to Banking and Metal sector. Just a few days ago, we saw INDUSINDBK move up to Rs. 1820 and were hopeful for a good close for our CALL 1860. Yesterday, the stock touched Rs. 1645. Such are the ways of the markets.
RELCAPITAL in which we were forced to close positions, moved up more than 8% yesterday.
Predicting such moves is impossible though technical analysts will keep on talking about their successes in doing that.
Well, that debate can continue for another time.
Our trades did not do well yesterday. In fact the position was better when NIFTY was positive. BHARATFORG PUT 470 traded at Rs. 4.50 when the stock had moved to Rs. 475 level. From there it reversed to Rs. 489 and going into loss for us once again.
The two trades taken yesterday BPCL PUT 320 @ Rs. 1.40 and INDIGO PUT 1440 @ Rs. 6.60 did very well in the early trades but gave back all the gain by close of the day.
But I still expect them to do well.
Currently we are in 10 trades with most of them almost worthless and have booked profit in only 1 trade so far. With that we are in the negative by about Rs. 7000. Not a very good performance but not bad either considering that the loss was nearly Rs. 42000 just 4 days ago.
Keep a watch on INDIGO, EICHERMOT, BHARATFORG, BPCL . One or two of them may turn out to be profitable.
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.