Yesterday was a massive short-covering rally. I didn't expect market to recover so swiftly. Nifty was up by 186 points and banknifty gained more than 1000 points. I expected some bounce back after 6 days of consecutive fall in nifty but definitely didn't expect such a V shape recovery. The earning season and festive season has given a way for the bulls. Nifty is now above the 50 DMA. Lets see if we can get follow through.
MY TRADES
MY TRADES
- Yesterday I had to run for cover after such a massive run. I closed some of the positions in minor loss
- I did some counter trades for some of the positional trades.
- Yesterday when banknifty gave a clear sign of a trending day, I sold 28000pe for this weekly expiry.
- I had sold bajajfinance pe with the hope of taking delivery. Now I doubt that would happen. But still I will take to keep the premium.
INTERNATIONAL MARKET
- The US markets closed in dark green yesterday. It gained more than a per cent on yesterday's close.
- European markets also closed in green.
- Today morning the Asian markets were in the red. But now most of the indices have recovered from the day's low. Nikkei has recovered more than a per cent from the day's low.
- SGX suggests that we may open low. Since today is weekly expiry, expect some roller coaster ride.
FII AND DII DATA
- FII has sold for 485cr and DII have bought for 956cr. I am still surprised that FII are still not buying.
CRUDE AND $
- Crude is at $56. This is very good for the Indian industries.
- $ is at 71.07.
- So from $ and crude we are good.
RESULTS
- Today we have indusind bank and TCS. Need to see if indussnd bank has the ability to take banknifty to 29000+
EXPIRY TRADE
- It is definitely difficult to come up with a range in this volatile market.
- Going by OI analysis, highest OI is there in 11500ce and 11200pe of nifty and 30000 and 28000 in banknifty.
- For expiry trade, it is safe to stick with nifty as banknifty will be very volatile due to indusind bank.
- Max pain is at 11300 and 28500 in nifty and banknifty respectively.
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