Day started on a strong note and ended on a weaker note.
Trend is strong, so rather than be on the wrong side of the trend, I went with it. At top, it is bound to hit some stoploss.
I executed plain bull put spreads on Bank Nifty and Nifty. Bank Nifty was weak from the morning but Nifty was strong, so I decided to remain long as Bank Nifty can turn bullish with stoploss at 30358.
I was in profit and suddenly in last half hour market turned and hit my stoploss. I don't put a stoploss but keep an eye when I need to exit.
I exited all the written puts first and then closed the hedged part. That way, I gained little more on bought side of puts. It gave me a ₹3000/- loss.
I executed fresh bear call spreads assuming we have a temporary top for now.
I am still not sure if the direction is right and as I write, dow has opened gapup. But option writing gives peace of mind as positions are hedged and I will have time on my side.
India vix is very high right now, so I think we have made a temporary top and will move little lower.
Details of my trades are shared below:
Telegram Channel - https://t.me/rkatwaltradingupdates