NIFTY opened high. Went up slightly to 10770.30 and lost the momentum. Within the first half hour it lost about 120 points from the high and did not recover much from there. Finally ended the day at 10628.50, down by 67.70 points.
Yesterday we had two new selections. CALL 320 for KPIT and PUT 80 for PNB.
I could get the Call for Rs. 2.40 and the PNB Put for Rs. 2.70. Both did not do well. KPIT after firm opening lost ground and fell by more than 2%. Call ended up at Rs. 1.75. With a lot size of 4500, this translates into a good loss.
PNB stayed strong most of the day. Even when the Bank Nifty ended up lower by more than 400 points, PNB managed to end positive for the day. This PUT closed at Rs. 2.85, so we take this as slightly profitable trade.
Star performer was BHEL.
It did what was expected from it while making the selection. Stock price went down by 6.3%. A Put buyer could not ask for more. Put 75 bought at Rs. 0.75 closed today at Rs. 3.10 after trading at Rs. 3.40 also. The low price for the stock was Rs. 74.70 , we are expecting it to go below the previous 52 week low of Rs. 73.70. Let s see if it happens and when?
BHARTI AIRTEL too did well for us. One of the readers had commented that this stock looks strong on Bollinger Bands and hence our selection was not right. Well, we can have multiple reasons for the selection to go wrong, but the price move just does not bother for Bands or Waves.
We get back to a positive situation in this trade from the negative seen yesterday.
The other stocks did move a little bit and overall it was a satisfactory day.
Here is the current status of all the trades:
Out of 9 trades, 5 are right. Major contributor to the gains is BHEL. We expect more from this trade as well as from others.
For today ( June 05, 2018), no additional trades are being suggested. Let us stay with our current 9 and see how they perform.
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.