Yesterday's expiry trade

Sorry for the delay in writing the blog today as I was held with many things yesterday. I also could not write the daily blog today as well.

Yesterday was a very volatile expiry. I was able to make a profit of 1.1 lak.

It was a monthly expiry and it was obvious that markets would be volatile. Markets opened with a gap down and it looked like the recovery would not come. I had carried some longs in the nifty futures. So I had to do adjustment for them. Since we get exposure margin from the broker I was not worried as my volumes were low. I bought some puts in nifty and bankinfty in huge quantity. Around 9:30 markets started recovering and in half an hour nifty recovered 50 points and banknifty around 125 points. Now I was in real trouble. I closed some of the puts which I had bought in loss and waited for the market to take the direction. At 10, the markets started reversing and when it broke the day's low, I was pretty sure that the markets are ready to head more down. The max pain also came down and I started adding more positions with the bearish view. As expected the market started falling rapidly and by 12:30 I was in good profit. By now I covered some of the position in profit and I had more room to take more risk.
It looked more like a downside trending day but expiry volatility was missing. The bulls came and took the market higher. It looked like we would close in the green. By 2:30, banknifty recovered 250 points and nifty recovered 100 points. European markets opened in the green. But I didn't do much in this upmove as I was not confident about the move. You need not catch all the move which happens in the market. Have a trade setup and wait for that to happen. At 2 the markets looked weak and I was expecting a fall. But I wanted more confirmation on my charts. At 3 we got a massive fall which was led by HDFC bank. This was the time which I was waiting. Aggressively took positions and by 3:25 I was in good profit.