NIFTY closed above 11500. It is now 228 points away from the all time high.

The markets behaved exactly same way on Tuesday as they did on Monday. Only the net gain was 70   points as compared to 35 points on previous day. Again, the gains came during the last part of the day.

After moving in a narrow range till 13:00 hours, there was a surge and that is when all the gains accrued. It is not a coincidence that the day chart for RELIANCE shows exactly similar pattern.

RELIANCE Chart March 19 :

RELIANCE made a new 52 week high at 1380. It is exactly the Strike Price which was suggested as a CALL yesterday. At least something went right for our trades. It will be interesting to watch the journey from now on. Whether it goes above 1400 or comes back to 1350. We shall find out to some extent during the course of the day.

It does not matter to us whether NIFTY is getting its strength from a few stocks or markets are strong in a broader sense. We need our trades to do well irrespective of NIFTY.

HEROMOTOCO is losing ground almost everyday but not with great speed. It is now less than 3% away from the 52 week low. That level needs to be breached fast for the trade to work out. MARUTI showed a decent down move yesterday.

ICICIBANK made the fresh 52 week high at Rs. 400.95 but could not sustain and fell back. YESBANK closed positive for the day but CALL 260 lost some value due to decrease in volatility.

We are still in the same position even with RELIANCE trade doing well yesterday. Only concern is that now there are 9 trades to worry about.

The position as on March 19:

With 9 trades already in position, we do not take new trades today.

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.