Day Trading Stocks & Futures
- Thread starter TraderRavi
- Start date
- Tags banknifty bnf daytrading nifty future
Banknifty was stuck in tight range today. In such a zigzag and unpredictable movement, only combos can help a trader in producing profits. But the major HURDLE is to track premium erosion daily and taking positions at lowest possible premiums. One can make consistent returns by doing the same daily. Today, last one hour saw huge premium erosion in BN weekly options. For example, BN combo which I took in morning and sold at 113 is now available at 90 approx ....
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Just went through index data of past 15 days. It's quite weird but somehow Nifty and Banknifty index have been trading in an extreme LOCKED tight range. It's almost as if nifty and banknifty have been playing PING PONG between two concrete walls. It is certainly not displaying any signs of new impulsive waves either. This is what we call as paradise for optionwriters. Last time I saw this kind of zig zag stagnation was just before the UP elections when the markets were eagerly waiting for election results. But that time we saw such consolidation for hardly 7 days or so. This time it has really tested nerves and patience of a lot of traders. I also remember same thing happened two years ago as well. It was a period of some 20 days or so when the markets were locked in a tiny range with no volumes at all. A still remember how frustrating it was. Back then, some traders even decided to halt trading by a month or so .... Lets see how long it takes this time to break the shackles. But its really frustrating these days ....
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I suppose it is better to take advantage of the tight range within which index is locked for past 15 days approx ... Bought Bank Nifty 24100 PE (14th Sep) at 54 during morning. Sold at 62 ... and bought Bank Nifty 24600 CE (14th Sep) at 37.50 and sold at 40 .... The game is clear and simple now .... The set range is 24200 to 24450 and as soon as index comes near to any of the concrete wall, one may go opposite side to make money intraday (and everyday) ... Would you believe it, this has been happening since past two weeks or so .... simple game .. enjoy
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another missile launch is expected tomorow for north korea founder day
But
IMO
Just missile launch will not impact markets on Monday, (as its no secret and everyone is expecting it, and moreover missile launch has become a routine affair
).However, its destination and/or destruction if any, will impact adversely
Same story again ... Bank Nifty retracing a bit from 24517 levels approx ..... Made use of it during opening ... Bought BN 24100 PE (14th Sep) at 19.50 ... and sold at 26 few minutes ago .... Easy range game going on ... The only problem is if it breakout further and closes above 24550, then this small range would be broken ... Watch the big game .... Enjoy
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