Trade setup for the day

  1. Yesterday was a volatile day. Nifty fell more than 125 points in the first half and then there was a massive short-covering rally. However, we did close a few points short from 12000. I had told before also that breaking 12000 was not that easy. The markets were oversold. 
  2. Now I can certainly say that don't believe any TV anchors. Yesterday morning they were like everything is bad and now we will test 11500 and all. In the evening they were highly optimistic. 
  3. I was waiting for the trigger for the short covering rally. The FM press conference did provide that. Market recovered almost 100 points from day's low.
  4. Today no currency market as it is a bank holiday in Mumbai.


  1. I have aggressively bought nifty and banknifty futures. However, I have hedged them in the options market yesterday when the recovery began.
  2. The crude oil which I had bought some time back is also in wonderful profit. Now I will keep a trailing SL and forget that. I am expecting crude oil to touch $60 per barrel.
  3. I think ITC may bounce from 200 which happened yesterday. I am long on ITC in march series.
  4. Today I am planning to do some hedging strategy around that or I may do pyramiding. Depends on how it opens.
  1. Yesterday, the US markets were flat. Dow fell 165 point after apple told that their revenue will be hit due to carona.
  2. European markets close negatively.
  3. Today morning the Asian markets are in green. SGX shows that we will have a gap up.
  1. This is surprising as both DII and FII are net sellers yesterday. 
  2. FII sold for 75cr and DII sold for 309cr.
  3. The selling is small but we need to see if they will scale this up.
  1. Crude is at $57.88
  2. $ is at Rs 71.52. Today no currency market in India.