Nifty & Bank Nifty Trading Strategy as on 03 May’13

Nifty as on 02 May’13– 5999.35                       Bank Nifty as on 02 May’13 – 12709.95

Bulls stall the show.

After indecision in last few trading sessions, finally bulls took the charge.

As I was repeatedly saying in all my articles that any dip is buying opportunity and medium term trend is still up. I was right, but last few days of indecision put me under skepticism and I was expecting minor pullback towards 5800 levels, which did not materialize. Similarly, it happened with Bank Nifty also.

(To View Past Strategy Click Here)

Nifty Trading Strategy

I was expecting some wild movement and that is the reason I had asked my readers to take Long Strangle,

6000 CE = 103.90

5800 PE =  34

Net profit of around 30 Rs. Readers can hold on to with this position, if Nifty continue its upward journey that sooner than later we’ll see Nifty testing previous highs of 6111.  Or if you wish you can book profit, its almost 30% return in on invested capital, just in one day.

Bank Nifty Trading Strategy

Let me confess, Bank Nifty proved me wrong. I was expecting some minor correction, but it went up sharply. My readers have given away stop loss of it. Now, I think we should wait for a day and take fresh position on Monday with fresh perspective.

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