Yesterday saw NIFTY losing in a big way.
It was something expected few days ago but the market had recovered from 17771 level to move above 18000 on 13/09/2022. It took 3 days to surrender all those gains and some more.
NIFTY on September 16:
Down 346 points to close at 17530.85 with a low below 17500.
Over the week, NIFTY had moved like this — Friday Sep 09 to Friday Sep 16:
It has come down significantly from the high point of the week in just 2 trading days.
This is the market for us. Indecipherable, whether we accept the fact or not.
Let us get back to status of our trades. That is the thing that matters. NIFTY up and down will keep on happening all the time. It is performance of trades that counts.
Status of trades on Sep 16:
INFY PUT 1400 was closed at Rs. 47 to book a profit. This price was put as an order after watching it hover around Rs. 44-45 for a very long time.
Suddenly it was gone and in next 10 minutes, PUT price crossed Rs. 63.
Well, we can not always exit at the best price.
Now one trade from the Option Buy trades is closed with a profit.
BIOCON PUT 280 also turned into positive yesterday. SUNPHARMA PUT 840 is still a loser though SUNPHARMA Futures SELL trade is showing a small profit.
For the day, every trade contributed towards the MTM gain.
Position at the end of day:
MTM gain now stands at Rs. 155160.73 which is the best position in September series.
A word of caution here — It is mark to market gain only. It can not be counted as a profit till the trades are actually closed. One bad day can take it all away. We have already seen the MTM coming down from a high of 109000 to (-) 68000.
With that caution in place, yesterday was really a good day.
Just to recall how this week went, here is the MTM position on daily basis:
|Date||NIFTY||MTM Position (Rs.)|
Next week is going to be a different ball game. Let us see how our trades hold up.
Enjoy your weekend.
Visit this place for more tomorrow.