Update - 17 April 2020

I am officially bull above 8684 now.

I was holding following positions yesterday:

1. #KOTAKBANK - Covered cost to cost when it moved Rs. 30 against my initial sell price.

2. #SBIN - Banking sector has gone bullish or quite strong now. Covered at loss but sold 180 PE. If SBIN stays above 180 in coming days, the collective trade will still give me Rs. 10,000/- profit.

3. #HDFCBANK - Bought a 1000 strike call as a hedge. Results are due on Saturday. If opening is normal, then will square off the hedge on monday. Collectively will get out of this position near cost to cost. There is no point being bearish right now, that too on index heavy weights.

4. #INFY - Still weak, so holding the bear position. In last 13 days to expiry, theta decay is maximum, so no point closing a winning position when it is more than 5-6% OTM.

5. #INDUSINDBK - Covered Call is giving me max profit right now. I had sold a 300 strike put for extra benefit. Covered put at around Rs. 7 today. Sold 380 put at 14 rs by end of day.

6. #NIFTY - I had a ratio calendar which went wrong. So I did the following adjustments.

  • Covered Nifty 30 Apr 2020 9500 CE at profit.

  • Bought Nifty 30 Apr 2020 9400 CE at 214 making calendar further hedged.

  • My projection for expiry at various points give me an idea of what kind of profit/loss I am looking at. At 9000 (-2000 to +4000). At 9300 ( Rs. 13000 to Rs. 17000). At 9400 ( Rs. 19000-Rs 30000). At 9500 (Rs. 10000 - Rs. 15000).

7. #Nifty - Added another Calendar Spread of Sell Weekly 9500 CE and Buy Monthly 9800 CE.

8. #BankNifty - Added a calendar for 50 point benefit. Sold 21500 CE 23 April 2020 and bought 30 April 2020 both at Rs 150/-. It immediately went into loss. This is how I managed it.

  • Covered Monthly 22500 CE at profit.

  • Bought Monthly 22000 CE @ 420/-.

  • My projection for expiry at various points is: At current level (Rs. 15,000/-). At 21000 (Rs. 20,000). At 21500 (Rs. 25000). At 22000 (Breakeven). I will manage it along the way. Both calendars are for projection that market will continue to move up. If market drops, then I will roll down weekly calls.

Trade Journal is updated.

Rohit Katwal

Will update the positions pic later.

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