Update - 23 October 2018

Market mayhem continued today. I was expecting a small gapdown with a cover rally and a fall. But the way we opened gap down and recovered, market is hitting stoploss and trapping bulls and bear on both sides.

  • Trend is down. No doubt about it. If we take a direction, we may test 24200 levels or 23900 levels.

  • I have added 1 more bear call spread at around 25000 levels -2 X 25400 & +2 X 25600.

  • I was not sure whether the market will fall or may start trapping to upside, I took 1 Call Calender -2 X 25300 25 October & +2 X 25600 1 November.

I plan to hold these positions if there is not a sudden bursts to upside now.

With the kind of volatility and gapup gapdowns we are experiencing and looking at the way where last 4 expiries panned out, I think we may expire around 24900 tp 25200 levels. Now this is an assumption. I may adjust according to markets.

02:00 -

I have thought of taking 4 lots for today, which I have already taken. I wont be adding any positions now. My call calender is in no profit no loss and i expect market to bounce either today or tomorrow, given the volatile nature of expiries these days. Premium on Bear Call Spreads have falled drastically, but I am not closing the positions. I do not see a reason to trade any more positions right now. It may be gapup or gap down tomorrow. Who knows. I might close bear call spread of 25500 and 25700 if I find something better.

Open Positions are like this right now.

Rohit Katwal

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