Reason for changing view from long to short and carrying short pos for tom-
1. Booked profits in longs at 12.15 pm as dow turned negative.
2. Went short at 12.58 as VWAP broken on 5 min chart with high volume candle.
3. 36500 call OI was maximum OI two days before expiry.
1. Booked profits in longs at 12.15 pm as dow turned negative.
2. Went short at 12.58 as VWAP broken on 5 min chart with high volume candle.
3. 36500 call OI was maximum OI two days before expiry.
Why ? Strong hands were clearly expecting BN to not go much above 36500. 36500 call OI was almost double the Put OI.
4. Finally even though Nifty closed at 17200 and LTP was well above that still conviction to carry short was because BN was giving close below 36500.
4. Finally even though Nifty closed at 17200 and LTP was well above that still conviction to carry short was because BN was giving close below 36500.
5. Yesterday, dow went up coz of Twitter takeover by Elon Musk. Whenever such news are announced markets rally but usually such rallies get sold into as had happened during the merger announcement of HDFC & HDFC Bank.
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