Trade setup for 10th June

  1. Sorry, Could not write a blog for some days now. Yesterday we had a fall. Most of the fall was by RIL, HDFC bank, ICICI bank. We broke 10100. I see that we have had some short covering which has happened. So do not consider this as a trend reversal. The major indicators are that the FII are buying. 
  2. This short covering was expected as the markets had rallied a lot. 
  3. We have the FOMC meet and now all eyes are on that. 
  4. The Covid cases are increasing but the country and economy is opening up and we will forget this in some days.
  5.  The consumption is growing which is indicated in the oil prices and all the workers are returning to work. The first support is 10k which has to be seen. Lets see if this is broken convincingly. 
  6. The VIX again went above 30

  1. I have done many trades in last few days. 
  2. Yesterday I traded in Nifty futures and I was able to catch a major chunk of the downward rally. Was able to make an intraday profit of 9k.
  3. In options, today I will be implementing the butterfly.
  4. I am carrying the below iron condor in the monthly expiry
    1. -1 x 10500ce 
    2. +1 x 10600ce
    3. -1 x 9900pe
    4. +1 x 9800pe
  5. I have also implemented 10200 short straddle. I will be hedging that in the current month or weekly options.
  1. The US also slipped a little. That's ok as even they had rallied.
  2. European markets fell by a chunk.
  3. Today Asia is also flat. SGX suggests that we may open with a gap u of around 50 points.
  1. Yesterday FII bought for 490 cr and DII sold for 700cr.
CRUDE and $
  1. Crude is at $40.5
  2. $ is at Rs 75.6