Banking stocks are weak one day and very strong next day. There is no reason for them to go up and there is every reason to go down. But there are times when the market does not care.
Yesterday was one such day. Bank stocks were on steroids.
For the day, HDFCBANK and KOTAKBANK were poor performers. They gained much less than the gain in the index. It was ICICIBANK which carried the day for us.
Before we start feeling very happy about banking stocks in general, a look at the 365 Day change column will tell us the reality. Even after a gain of 16% in BANKNIFTY over last 30 days, the stocks are significant losers over last one year.
That is a thought for another day.
This was the status of our trades at close yesterday:
Now things are starting to look good. Remember the loss of Rs. 14648 booked earlier in the series while making adjustments in the strike prices of KOTAKBANK and BANKNIFTY.
A few more days of up or down moves and we shall be looking at some decent profit for the November series.
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.