Diwali - The festival of positivity and light has began, which may help tone down the volatility
. There is no guarantee of big bounce but with lack of enough participants and superstitious people who like to start the new year with buying something than shorting, it may try to retest 8750
. Again 8750
/ 8000 resistance level
is on focus.
Based on our previous NIFTY
trade idea ( of shorting NIFTY
on the bounce ) we added to our short NIFTY
positions via puts and today we have covered majority of short positions after more than 100 points drop from there. But we will be looking to trade NIFTY
from the short side on each big bounce.
Wishing Happy Diwali to all.