After the weekend, we were back to business on Monday morning. NIFTY continued its decline and moved below 10900 levels.

Just a few days ago the talk on business channels was about a target of NIFTY 11500. Suddenly those talks have turned around to 10500 levels. No one knows where the market is headed but the talk is free and it is plentiful. We also add our two bits to this useless talks from time to time.

The day was good for us but not too good. It was sort of a mixed bag.

M&M made the new 52 week low at Rs. 645.20 and closed slightly higher. When quarterly results came in the experts were suggesting a BUY with targets of Rs. 750. I will not be surprised to see them giving SELL calls now with targets of 620.

Let us not get elated to soon. We have a long way to go before money is made. If the stock really moves to Rs. 620 level, that would be the time to exit the trade and move to a lower strike.

IDEA did what it does. It remained volatile without hurting us. In the last 30 minutes the stock price suddenly shot up to Rs. 32.00 and as quickly came back to Rs. 31.00. One Rupee in case of IDEA is a 3% move.

The new trades suggested yesterday were LT 1200 PUT and BHEL 60 PUT. In the early trades it looked like that we missed these trades as the stocks opened low and moved lower. Suddenly both these stocks moved up and our trades went through. Both of them were minor losers at the end of the day. But we are in the trades now.

HINDPETRO flattered to deceive. The stock moved down to Rs. 224 level in the early trading and then moved into positive territory to mock us.

This is the position on close yesterday.

The loss has come down from Friday. Still a long way from profit but we are in with a chance.

New Trades for today :

This is Day 08 of February Expiry and we are already in 7 trades. Let us stay light and sit tight for the present.

No new trades for the day.

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.