19 October 2018
Last weekly expiry was one of the worst again.
Despite opening with expected gapup, we did not witness a single short covering rally.
I was earning 18000 by 3 pm. Expecting short covering I sold 25200 puts which I had to exit in panic. My total profit for the day remained to Rs. 3000/-.
It upsets me, but it is part of the game. We have up days, we have down days.
Volatility is making things tough, but it will not remain for ever.
For last 4 expiries, we had bank nifty closing at almost the same points after giving wild movements. Give or take 100-200 points. People usually lose all their capitals in such time. I know, as I have experienced this when I was a beginner.
Week ended in profit, which matters. You have to be in the game to play the game. And first rule is to preserve the capital.
Market is yet to respond to results of Reliance.
On Saturday, we have results of HDFC Bank scheduled.
Trade setups of all kind are a mess right now. Technical or fundamental, we have no direction. Its better to sit at sides and wait for clarity.
Rupee and Crude Oil as I previously said has settled. It will not affect our market unless there is some news or violent movement.
For Nifty, pain did not shift from 10700. PCR came down to .85 followed by call writing on all counters 10500/10600/10700/10800.
Put unwinding was seen at 10500/10400/10300/10200.
For Bank Nifty also, pain did not shift from 25500. There was call writing on far away strikes only i.e. 25500/25700/26000 and hardly any put writing.
We may open flat owning to negative movement in US markets which will be negative and stabilizing or rupee and crude which is positive.
Bias remains sideways to bearish.
I will not be taking position as there is no certainity based on any kind of data.
I might be wrong on my view and there might be over night developments, but knowing that HDFC Bank results are pending on saturday; and two days are enough to create any kind of positivity and negativity, I wont be taking any risk before monday afternoon.
Update - As of now SGX Nifty down by 150 points after Dow Jones fell. We can have a gap down opening tomorrow. And who knows again a gap up on monday.