Bank Nifty opens at – 47894 ( +40 )
Nifty opens at – 22536 ( +38 )
Buy Banknifty march 48200 pE – [ 09:25 ] aM
Option Buy Price – ( 608 )
Stoploss – Aprox ( 2000 )
Target – ( 2000+ )
(30) quantity
Reason for put buying :-
At 9:07 am, pre market gap up to flat opens. Last day, market is sideways. So market may have both side stop loss available.
Final decision made after market opening.
After opening, market try to going upside. I wait for any setup formation on chart. First i thought that i try to enter in buying side trade.
But i decide to wait for setup confirmation.
After few minutes, Bank Nifty take support from 48000 level & Nifty from 22500. Which may be trapping for retail buyers. So when Bank Nifty breakout 4th candle high, i decide to enter in selling side trade.
Because if Bank Nifty cross 48200 level, it may be fear for sellers and if sellers exit from market, it may go furthur upside.
So i decide to enter in selling/put buying.
Result :-
Loss - ( -1608 ) - 01:55 pm
~~~
- My first mistake is that i exit without proper stop loss. When Bank Nifty take resistance from 48200, i assume that it go upside for that level breakout and i exit without proper stop loss.
- Second is that i can’t understand last day chart of Bank Nifty. Bank Nifty take resistance from 48000 level, which may be a good attraction for retail sellers and today market can move upside for targeting these sellers stop loss.
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