5900 put still holding up. 5800 put above 90 L. Is yesterday fall just technical? Not much delivery based selling. What I would do, Take 6000 call @ current with stop loss being immediate Nifty support of 5970 being held up till eod
I hope people who have bought would have made some money... i took around 86 levels.. and would look to exit at 6100 unless market decisively closes above 6100..
Guys... earlier in this month we decided to only concentrate on strategy...we hit the jackpot in the first shot
Lets analyze how we came to this decision
The reason why we took 6000CE even after a a massive fall -
No built up in the call option open interest suggesting bears were still timid
No unwinding by bulls in Put
No huge selling in the cash market or index by FII's
We entered 6000CE @86 with stop loss being 5970 (previous resistance) acting as support for end of day
Today- we are sitting on 110 re bonus... I'm now putting a trailing stop loss at 150..with half the quantity already taken out so that my costs are covered. In essence now playing with free options
Ok.. its easy to crow when things go in your favor... and markets do humor a few of us at some time... the trick is in trying to get the reasoning right so that it is repeatable... with our lively discussion in understanding options table, we are moving in the right direction
Cheers... and keep the ideas coming