Nifty started the day off in typical fashion, moving sideways. From 12 noon onwards, real action began as usual with the Nifty, first falling and testing the 200 sma. Then price could not sustain below the 200 sma and it eventually started heading north.
We had our Buy positions ready as soon as Nifty breached the Buy level, going well with our strategy to trade with the trend and not against it. Price broke the Nifty futures Buy level at 13:50 hours, and went on till TP1 and went further higher still. We closed all our positions as soon as price started to fall with relatively strong momentum and started to go below TP1.
After retracement to the Fibonacci 38.2 level, price started to go up again and went past TP1 again for the second time in the day. However, could not go beyond the day's high as the trading volumes were wearing off quickly as it was close to market close. Picture A below shows the Nifty Futures and Picture B shows the Nifty 5800CE.
After today's price action, the Nifty has a slightly upward bias. This view is justified by the fact that yesterday's low was not breached. On the upside, yesterday's high was breached and Nifty has closed above yesterday's high as well. Add to this, the 100 and 200 sma's are both looking up.
Profit for Today's Signal:
1st Trade: 4 lots of 5800CE bought @ 10.00 per unit. Exited all 4 lots when price fell below TP1 @ 11.5
(4 * 50 * 11.5) - (4 * 50 * 10) = 2300 - 2000 = 300 for 4 lot
2nd Trade: 4 lots of 5800CE bought @ 10.00 per unit. Exited all 4 lots when price fell below TP1 @ 11.5
(4 * 50 * 11.5) - (4 * 50 * 10) = 2300 - 2000 = 300 for 4 lot
That is: 300 + 300 = 600 for the day
Gross Profit %: 30%
Lot of things to look out for tomorrow. Hope you were playing with the trend today.
Happy Ugadi...
Cheers!
DayTraderBT
We had our Buy positions ready as soon as Nifty breached the Buy level, going well with our strategy to trade with the trend and not against it. Price broke the Nifty futures Buy level at 13:50 hours, and went on till TP1 and went further higher still. We closed all our positions as soon as price started to fall with relatively strong momentum and started to go below TP1.
After retracement to the Fibonacci 38.2 level, price started to go up again and went past TP1 again for the second time in the day. However, could not go beyond the day's high as the trading volumes were wearing off quickly as it was close to market close. Picture A below shows the Nifty Futures and Picture B shows the Nifty 5800CE.
Picture A
Picture B
After today's price action, the Nifty has a slightly upward bias. This view is justified by the fact that yesterday's low was not breached. On the upside, yesterday's high was breached and Nifty has closed above yesterday's high as well. Add to this, the 100 and 200 sma's are both looking up.
Profit for Today's Signal:
1st Trade: 4 lots of 5800CE bought @ 10.00 per unit. Exited all 4 lots when price fell below TP1 @ 11.5
(4 * 50 * 11.5) - (4 * 50 * 10) = 2300 - 2000 = 300 for 4 lot
2nd Trade: 4 lots of 5800CE bought @ 10.00 per unit. Exited all 4 lots when price fell below TP1 @ 11.5
(4 * 50 * 11.5) - (4 * 50 * 10) = 2300 - 2000 = 300 for 4 lot
That is: 300 + 300 = 600 for the day
Gross Profit %: 30%
Lot of things to look out for tomorrow. Hope you were playing with the trend today.
Happy Ugadi...
Cheers!
DayTraderBT
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