We had an extremely good day trading the markets with the volatility helping us to some good profits in our positional and intra day calls.
Let’s have a look at the charts.
The market behaved a bit deceptively in the morning for us. It turned 0.15 paise from a short call in the morning, which didn’t get initiated. We failed at a long at 5471 levels by 0.95 paise, but recovered with some fast profits on the downside.
The purple lines are the value areas for tomorrow and from the looks of it, promises to be very actionable again tomorrow.
We had some overnight shorts in the Bank Nifty from 10730 levels, which we closed around 10685 and 10699 for about 40 points of gain.
This index is still strong, looks short-able but not having the momentum in the short. Have to be careful trading this on the short side.
Sector wise, we had noted that the midcap IT space was short able for intra gains and we were loo0king at names like HCL tech and Financial Technology for some shorts.
We covered some easy ground with FinTech- Short at 1325, covered at 1312 in the future with a lot size of 250.
For tomorrow, 5398 and 5435 are our reference levels in the Nifty and 10675-10685 in the Bank Nifty.