First of all sorry for posting the blog so late. I was busy with other priority things. It was a good expiry on Thursday. Was able to make 1.21 lakh profit. It was a very critical monthly expiry. I would have been in deep trouble if the right counter trades were not done at the right time.
The markets opened in green after snapping many consecutive days of downfall. It was a trending day on the upside. I took my positions in banknifty futures, nifty futures. I also sold puts and bought calls. I was pretty confident that short covering would come as markets were oversold. My volumes were very low as I was expecting volatility. By 10 the nifty was at 11350 and banknifty was at 29300. That's where technicals play a major role. In the 3 min chart and 5 min chart, the technicals indicated that the nifty and banknifty was overbought. I closed most of my positions slowly. But things changed after 10 which was expected in an expiry day. Markets reversed immediately and by 10:30 nifty came to 11300 and banknifty came to 29100.
I had a lot of positions in bajaj finance. This is another mistake which I did on that day. I did not see the companies which were coming out with results. After taking the position I somewhat felt that the bajaj finance future and options premiums were not matching. This is where experience played a major role. So I called a friend of mine and asked him. He then told me that BajajFinance result was there. Now things were clear and I got scared as almost 4 lots of futures and 40 lots of option were at stake. In the panic moment, I squared off all bajaj finance to market. Due to slippages, I lost around 13 thousand. That was not the only thing, I squared off even some position in banknifty by mistake in a hurry as both banknifty and bajaj finance start with B. While selecting bajaj finance rows, I even selected the banknifty row as well. I felt very bad for not seeing all the things in the checklist. This is a very good lesson for me as to what can happen if you do things in haste and panic. It is easy to tell but difficult to stay cool in such a situation. But it was too late and the damage was done. At this point, I thought of closing the terminal as things were not going my way. There were few positions in nifty and banknifty. Some were in profit and some in a slight loss. I squared off all and closed the terminal.
I was simply watching TV and enjoying how the expiry was happening. Around 1:15 bajaj finance results came. My friend called me to ask what was my situation in bajaj finance. To add more salt to my pain, I would have been in wonderful profit if I had not closed the bajaj finance positions. After that, I opened the terminal and started taking an aggressive position in nifty and banknifty. By the end of the day, I was able to recover the loss which I had in bajaj finance and was able to make a good profit.
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