Assumptions went wrong and hence the trade in SBI.
It was envisaged that we have reached to a reversal point and must be cautious. However, most of the indicators were positive hence it was thought if oil price remains near $60/b, NIFTY will continue uptrend.
But even though we have all positive sentiments and possibility of rate cut, NIFTY came down with threatening speed today.
Still 7950-8000 should act as a huge support as per OI table. Book profit in 8100 PUTs.
We are holding SBI 315 PUT hoping reversal as it is just on support line today.
Revised strategy:
Go long in banking and short in high beta infrastructure stock.
Stocks like AXISBANK and SBI could recover fast because they had fallen to quickly today.
Based on this, strategy could be
Sell AXISBANK 500 PUT around 16 and Sell SBIN 280 PUT around 3.
Buy DLF 120 PUT around 2-2.50.
Disclaimer: This blog does not take any responsibility of your profit/loss
It was envisaged that we have reached to a reversal point and must be cautious. However, most of the indicators were positive hence it was thought if oil price remains near $60/b, NIFTY will continue uptrend.
But even though we have all positive sentiments and possibility of rate cut, NIFTY came down with threatening speed today.
Still 7950-8000 should act as a huge support as per OI table. Book profit in 8100 PUTs.
We are holding SBI 315 PUT hoping reversal as it is just on support line today.
Revised strategy:
Go long in banking and short in high beta infrastructure stock.
Stocks like AXISBANK and SBI could recover fast because they had fallen to quickly today.
Based on this, strategy could be
Sell AXISBANK 500 PUT around 16 and Sell SBIN 280 PUT around 3.
Buy DLF 120 PUT around 2-2.50.
Disclaimer: This blog does not take any responsibility of your profit/loss
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