It looked NIFTY will go down by 100 points.

It did.

Recovered a bit. Went down again. I was sure that finally we are having a big losing day for the index. When we become sure, market tells us not to do so. At 2 pm, the reversal began.

At the end of the day, it was a different story. The ostensible reason was the hearing in the Supreme Court about interest waiver. The hearing is adjourned to November 02,2020 but banking stocks jumped higher and helped NIFTY to recover smartly for the day.

Luckily for our trades, we had NTPC going down to Rs. 78.10 at one stage and PUT 80 trading at a high of Rs. 3.95. The stock price recovered in the closing stages and PUT 80 was last traded at Rs. 2.70.

ONGC too stayed lower. PUT 65 made a high of Rs. 1.80 and closed at Rs. 1.55.

EICHERMOT went up and now there is no hope left in PUT 1900.

The position at the end of day:

When NTPC PUT 80 was at Rs. 3.90 we were looking at some profit. Hopefully we will get back to that status once again.

NTPC PUT 80 trade may be exited if we see a price of Rs. 3.45-3.50.

We shall then take a trade in PUT 75.

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.