A lot of movement to go nowhere.
That is how we can sum up the moves by the banking stocks and BANKNIFTY yesterday.
Opened in the red, came back into positive zone and gave back the gains to close down by 1%.
Not a good show. Not a good show for our trades as well because this fall of 202 points came on the back of KOTAKBANK and HDFCBANK. The third stock ICICIBANK too did nothing and lost as much as BANKNIFTY did.
Just look how the big stocks failed while those with lower weight in the index did well for the day.
With this kind of performance, there is no way that day would be good for us.
At the end of day, we were looking at these numbers.
We are now seeing a loss of more than Rs. 15000.
It is early days yet but a lot of time has been wasted by the kind of moves made by these stocks. Let us find out over next week whether the heavy weights can prevail over the rest.
Once again, we stay with the trades.
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.