If SGX Nifty is any clue, then we might open gapup today.
I mentioned yesterday that I was looking for bullish movements.
It is very difficult to trade your view when everyone is against your view. Yesterday, people were turning bearish when I was looking at bullish entry.
Index is being managed everyday. We are on daily uptrend. With every retest of previous high, chances of breakout are getting stronger.
Budget was also good and can help modi government so there was no reason to be bearish.
I was whipsawed into one stoploss, but that helped me enter a new position with more conviction as down move was not intense.
Currently I am holding 10 Lots of 26600, 26300 Bull Put Spread and a Naked Put of 26800 to cover my whipsaw.
Trend on Nifty is bullish over daily, 2 hourly and 30 minutes chart. Net future positions are long with pain at 10900.
PCR at 1.42 has turned bullish once again.
Put writing was comparitively more than call writing.
On Bank Nifty, pain is at 27100 and PCR 0.9 is neutral right now.
Put writing was more compared to call writing. There was some call unwinding.
My positions taken yesterday are already in profit and with a gapup may lose 10 more points in premium. I might cover the positions and look for new positions.
I am trading with bullish bias.