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.
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.