Again a strange type of day.
NIFTY lost more than 100 points at one stage and the entire fall came in the last 90 minutes. Whole of the day was just flat before that. Suddenly market decided to go south and it did so very decisively.
All said and done NIFTY closed 91 points lower at 10831.50.
Now we come to the real trading world. I have written so many times here that NIFTY moves do not matter for us. We are concerned with the movement of the stocks in which we are holding options. Wednesday was a lesson in contradictions. NIFTY moved lower in a big way in a swift move and did nothing for us.
INFY was down and all other stocks were up. Only M&M went lower and quite decently. It made a new 52 week low at Rs. 693.60. It has taken considerable time in moving to these levels but finally it did. Now we look for a few more percentage points down. Another 4-5% and we are home and dry.
This is the status of trades as on January 23:
There is no point in lamenting and ruing the loss of profit. It is time to be ready for the new day with fresh hope and expectation.
We do not take new trades today.
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.