Yesterday was the second day of BANKNIFTY gains. Not as high as the previous day but a gain is a gain.
For our set up the out performance came from HDFCBANK. ICICIBANK could just keep up with BANKNIFTY while KOTAKBANK under performed. The net result was a gain of about Rs. 4000 in the mark to market position which is looking good at present.
One of the readers had sent me a message that he exited after booking a profit of Rs. 18000 and is looking to set it up again with the new strike prices.
We shall also look for an exit if we see a likely profit of Rs. 22000 and above.
The reason being that BANKNIFTY PUT 16500 is now very well out of money and will not be providing the appropriate hedging in case of a big fall in these stocks.
Let us be watchful and exit if the opportunity presents itself.
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.