Dear Friends,
Our position is as under
1.Nifty purchased at 4530 on 23/7/07 , current price 4321, M to M = -11950/-
2. Nifty purchased at 4410 on 30/07/07, sold on 31/7/07 at 4460, Net profit = 2500.
3. Nifty Sept series shorted at 4440 on 31/07/07, covered on 1/08/07 at 4340, Net profit = 5000/-
4. Nifty August series Long at 4330 on 1/8/07, Sold at 4350, Profit = 1000/-
5. Nifty August series Long at 4255 on 6/8/07 and sold at 4390, profit = 1750/-
Net position
Booked Profit = 10250/-
M TO M = -11950/-
Net = - 1700/-
We could have made more today but since i was out on some work, we did not make full use of the opportunity. In any case, we had to exit the position taken today. this was to ensure we have enough back up in case we see another fall tomorrow.
Readers shall note that the market behaved in line with expectations. At no point since the start of the thread on 23rd July we have faced any problems on margins, despite holding a long position since 4530 levels.
In addition we have been tension free.
Just as the market returned to 4320 levels as predicted, the market has to touch 4500 levels at least once this month. At that time the M to M loss would be eliminated and we would be left with profits only.
Next post tomorrow.
With best wishes,
Gaurav Kumar
