PLEASE NOTE THAT ONE WILL HAVE TO TAKE A NEW TRADING POSITION AS & WHEN A NEW TRADING CALL IS GENERATED
Now, you would ask, how can one take a position after end of day, and before start of new trading day
Well, theres no problem at all in case of OPEN value
High & Low values by 3:25pm remain the same even after 3:30pm (closing time) UNLESS WE HAVE THAT RARE SHARP VERTICAL MOVE GOING ON TILL THE VERY LAST MINUTE.
Now, regarding close well, I hope this is common knowledge that settlement price is actually a weighted average price of the trading price between 3:00pm and 3:30pm. By 3:25pm, those who have good screen time experience will have a rough idea about the possible closing settlement price in the next 5 minutes. So, one can enter this value in the Close column. Futures closing value can be derived from such tentative Spots settlement price estimate by adjusting the prevailing premium/discount to spot price.
All this may seem complicated dont worry we are just looking for the likely settlement price at 3:25pm to enter in the excel file, so that we get the call generated using the formulae. If the latest days call generated is same as that of the previous day, then we simply hold on to our previous trading position. But, if a different call is generated than the previous days call, then we have to SAR the previous trading position accordingly.
For example, in the attached excel file with data entered till Friday 12-Dec-08, call is of LONG position since closing of 4-Dec-08s closing of Fut 2796.
Now, on next trading day, Monday 15-Dec-08, at 3:25pm, we simply enter the Open, High & Low values till that time. For close value, as aforesaid, a rough estimate/judgement price will have to be entered. If the resulting call for 15-Dec is still LONG, then we do nothing and continue our position.
But, if resulting call is of SELL, then we wait for 2 more minutes to confirm our estimated closing price, and if still its coming as SELL, then we close our LONG position and switch to SELL position before market ends at 3:30pm.
At 4pm, enter the exact levels as derived from market-watch window or NSEs website, and confirm the call generated. 99% of times there would be no trouble in all this.
So, in short, at around 3:25pm, just before closing, one will have to enter these O, H, L, C figures of both Spot & Fut, and simply check out the SUMMARY worksheet to verify whether the old positional call continues or there is a change, and act accordingly before 3:30pm.