It was the bears who dominated the market on Friday.
The chart tells it all.
Only it does not tell why the market had gone up on Monday and Tuesday to fall like this on Friday. Answer to such questions will never be found though we shall see experts talking about the reasons every day.
Let us see how our trades fared yesterday.
Trades Closed Yesterday:
I had sold NIFTY CALL 17200 on the day NIFTY had gone down to 17166 and recovered from there. After that NIFTY kept on moving higher and yesterday it provided an opportunity to get out of this trade with some profit.
It was sold at 426.80.
We can see that the LTP was Rs. 253.10. Waiting a little more for exit would have been better. But we can not always get the best price.
Other trades closed were NIFTY SEPTEMBER Futures ( SOLD ) and PVR Futures ( SOLD ). Both these futures were bought back and trades closed with some profit.
NIFTY SEP FUT was sold at 17590 and bought back at 17380. Here too waiting would have worked to give more benefit.
PVR SEP FUT was the third lot closed. It was sold at 1810 and bought back at 1737.
BPCL OCT future ( SELL ) is a new trade for October series.
With 3 trades closed on Friday, there are still few more remaining for action on Monday.
Trades in position for September Series:
Futures ( All short ) :
HDFC — 1 lot
BHARTIARTL — 1 lot
SUNPHARMA — 1 lot
TATAMOTORS — 1 lot
NIFTY PUT 18500
BIOCON PUT 280
SUNPHARMA PUT 840
TATAMOTORS PUT 420 BUY and PUT 400 SELL.
Status on Friday, September 23:
I have split the MTM into Futures and Options parts. Not included BPCL trade which is for October series.
Futures now show MTM profit of Rs. 175933.31.
Options trades are showing a profit of Rs. 20026.17.
Total MTM gain for the series come to Rs. 196859.48.
We now look forward to Monday to close the remaining trades and move on to October series.
The weekend will be nice with this MTM position.