Momentum given by fatty brother is over to Banknifty; All Other dominate players would like to rest. Attached Axis Bank Chart

Momentum given by fatty brother is over to Banknifty; All Other dominate players would like to rest. Attached Axis Bank Chart
Time: 6:25 am                                            FII: -433 Cr DII:
+827 Cr
Nifty
·        
Huge in-flow to MF supports market.
·        
Popular MF stops buying fresh funds and it means that market can
go up in long term.
·        
Nifty is in last segment of Fibonacci retracement (100%).
·        
Trend support is still at 8780 and pivot support is at 8700.
·        
Huge resistance is at 9000.
·        
MACD positive cross over has happened.
·        
There was no significant long and short position added to nifty
stocks.
·        
No fresh shorts added to Nifty stocks other than banking stocks.
·        
Only long position is getting added. Just enjoy the rally till
9000.
·        
Bollinger band started moving in sideways.
·        
Momentum of uptrend is coming down, but not bearish yet.
·        
RSI is going up and ADX is going up.
·        
Nifty is looking bullish than Banknifty today.
Banknifty
·        
ICICI Bank is up and HDFC Bank is down in USA.
·        
Apart from HDFC Bank, I do not think any other banking stocks
look ultra-bullish.
·        
Good news in HDFC bank is already discounted.
·        
Axis Bank is stuck at range 470-500 with RSI bearish divergence
and MACD negative cross-over.
·        
Fibonacci convergence (2 segments) buy is at 470 and sell is at
500.
·        
Attached the chart explaining the same.
·        
Banknifty will be less volatile from here after.
·        
There was no significant long and short position added to
Banking stocks including HDFC Bank.
·        
However fresh shorts have been added to ICICI, Yes, Indusind and
Axis Bank.
·        
Trend-line support is still at 20000 and pivot support is at 20400.
·        
BNF will be in consolidation with neutral bias.
·        
Time to create more Short Straddles and hedge the same using
weekly options.
Executed Trades
·        
Taken Short Straddle at Banknifty March 21000 CE and PE with
around premium 900 as I am bullish.
·        
Sold out Banknifty Feb 21000 CE to hedge all my bullish position
taken in March.
·        
Bought Nifty March 9100 CE for safety
·        
Sold out Nifty March 9200 CE double the quantities.
·        
Taken Short straddle at Nifty March 9000 (CE and PE).
·        
Effectively I have short straddle at 8900 (6 lots). (SS 8800 (2
lots) + SS 8900 (2 lots) + SS 900 (2 lots).
Trading Plan
·        
I am planning to cut and move from Feb 21000 to Feb 21100 as Banknifty
moved significantly.
·        
Market moves as per the plan. Will try to sell 18500 PE for the
time being.
·        
Will try to sell 22500 CE if opened
·        
Having free cash 25% now.
My Open Positions
Product Instrument Qty. Avg. price LTP P&L Chg.
NRML NIFTY17MAR8500PE NFO -600 53.42 34.00 +11652.19 -36.35%
NRML BANKNIFTY17MAR18500PE NFO -400 31.94 24.00 +3174.00 -24.85%
NRML BANKNIFTY17MAR19000PE NFO -400 63.32 51.00 +4926.00 -19.45%
NRML BANKNIFTY17MAR19500PE NFO -400 117.00 100.00 +6800.00 -14.53%
NRML BANKNIFTY17MAR22000CE NFO -400 47.00 55.65 -3460.00 +18.40%
NRML NIFTY17MAR8300PE NFO -300 22.38 17.00 +1612.50 -24.02%
NRML NIFTY17MAR9200CE NFO -300 28.55 33.40 -1455.00 +16.99%
NRML NIFTY17MAR9300CE NFO -300 11.20 18.70 -2250.00 +66.96%
NRML BANKNIFTY17FEB21000CE NFO -200 14.68 18.30 -724.00 +24.66%
NRML NIFTY17DEC9000CE NFO -150 509.20 571.80 -9390.00 +12.29%
NRML NIFTY17DEC9000PE NFO -150 400.00 369.00 +4650.00 -7.75%
NRML NIFTY17MAR8100PE NFO -150 17.00 9.10 +1185.00 -46.47%
NRML NIFTY17MAR8800CE NFO -150 176.08 202.75 -4001.25 +15.15%
NRML NIFTY17MAR8800PE NFO -150 116.00 96.45 +2932.50 -16.85%
NRML NIFTY17MAR8900CE NFO -150 122.75 142.70 -2992.50 +16.25%
NRML NIFTY17MAR8900PE NFO -150 158.98 131.45 +4128.75 -17.31%
NRML NIFTY17MAR9000CE NFO -150 91.40 93.55 -322.50 +2.35%
NRML NIFTY17MAR9000PE NFO -150 181.95 181.00 +142.50 -0.52%
NRML NIFTY17MAR9400CE NFO -150 9.20 10.20 -150.00 +10.87%
NRML BANKNIFTY17MAR21000CE NFO -80 269.50 302.00 -2912.00 +12.06%
NRML BANKNIFTY17MAR21000PE NFO -80 625.00 557.00 +5440.00 -10.88%
NRML BANKNIFTY17MAR20000PE NFOADD EXIT +80 221.00 180.00 -3280.00 -18.55%
NRML NIFTY17MAR8700PE NFO +150 86.13 68.85 -2591.25 -20.06%
NRML NIFTY17MAR9100CE NFO +150 50.09 56.95 +1117.50 +13.70%
TOTAL 14,232.44

Jegathesan Durairaj, a mathematician by qualification, an Ex-software professional and now a full time Risk Defined Option Writer. With his Open Book Strategies, he is the most known identity in twitter as itjegan, with huge followers. He had won Zerodha 60 Day Challenge – 10 Times round-the-clock. He is one of the prime Option Writing Trainer and tutored close to 1000 members till now.

He is the Mastermind of CapitalZone – Active Option Trading where Traders can avail Trading Chart with customised indicators, FNO tools and Payoff analysis. His keynote is to provide whole FNO deets to be handy for Traders in a sole place.

Now he is taking more heed on hedging portfolio in Option Writing where we might subject to more market risk. He is streamlining his strategies often and improving perpetually. At this time unfolding ways to measure good-quality Trend Following System.

Conducting workshop in all Metro Cities (Delhi, Mumbai, Bangalore, Chennai and Coimbatore) often based on queries from Traders.

 

 

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