NIFTY closed higher once again.
NIFTY gains on Friday did not hurt us but this 30 point gain was not good for our trades.
INFY was a loser on a strong day. TATASTEEL became strong after the initial weakness. SUNPHARMA simply ran away from us by rising about 4%. Only bright light was M&M but that was not enough.
The new trade suggested yesterday was BHARATFORG PUT 460. The price range suggested was Rs. 7.00-8.00. The lowest price for this option was Rs. 8.05 and this was one trade which actually did better than others. But as per my policy I am not considering this trade for P&L position.
The stock once again made the 52 week low yesterday. The weakness is confirmed. Only trouble is that it may move up with the general trend in the market before resuming the down move a few days later. Patience pays in such trades.
New Trades for the day :
BHARATFORG PUT 460 which could not be bought yesterday is again a choice today. The price range is now moved up to Rs. 8.00-9.00. Maximum risk is Rs. 10800.
ZEEL ( Zee Entertainment Enterprise Ltd ) is weak over 30 days and 7 day periods. The 52 week low for the stock is Rs. 410.60 on October 08, 2018. Current price is Rs. 451.65.
ZEEL PUT 420 @ Rs. 5.00-5.50 can turn out to be a good trade. Lot Size 1300, Maximum Risk Rs. 7150.
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.