NIFTY rally. Monthly futures with an eye towards end August
Comment:
Typo: Target price 11,980 by 13 August 2020
Trade active:
Bought July@10,447 on 24 June
Comment:
Typo: Target price: use the August Low of 11,580 as the Target price. Its a bonus if it hits the resistance of 11,900
Trade active:
Bought July@10,358 on 24 June. Market continued its rally in the morning and dropped on bad earnings by ICICI.US futures and EUROPE is down, Gold is up, Dollar down, Oil down on 2nd Corona wave fears. I'm buying more and is likely to be a pain trade for this week. Believe sentiment will return.
Trade active:
Bought July@10,265. Market being bought on dips as corona cases surge in the U.S. Averaging down my position. A risky move but I feel there's sufficient supporting liquidity in the market and a little kicker - Trump says there's huge news coming. Analysts say he is incentivized to deliver a winner to boost re-election chances and rumour is that he would announce a vaccine (although not 100% effective still)
Comment:
US continues to rally as cases spike. between 24th-30th chart looks like an indecisive range.
Comment:
firmly in the money. Will come to a short term TP point when NIFTY spot hits around 10,520 area (last high on 24th June). If it comes down to 10,230 area, will continue to accumulate
Comment:
Futures discount is gone. slope has normalised
Trade active:
Got Nifty Aug contract @ 10,596, which is way below my targeted 11,580 Aug price. Feels like a good risk-reward to the current spot of 10,608. Even if the index is range bound from now till Aug, it will be OK.
Trade active:
Added on to the momentum as spot breaches 11,000. Average price for Aug contract@10,979. It seems the US banks(JPM, GS), Indian private banks (HDFC) and large contributor Infosys are still doing well in this crisis, lifting the index higher. Plan is going much better than I thought with the 11,000 breach coming sooner than expected in July. My target price of around 11,580 Aug low remains but I shall increase my position tremendously now given that risk will be increasing in late July-mid Aug.
Comment:
Took major profit on the run up yesterday. and am building another position as profit taking occurs today