NIFTY bull run continues as expected

At the end of 5th Jan trading session we spotted a hidden bullish divergence (shown in the chart below) between NIFTY and the smart money tracker (SMT). Accordingly we created a bullish hedge by selling NIFTY futures and writing Jan 8350 calls. The hedge shown consistent profit during last 4 trading sessions (the black arrow in the chart). The written calls had reached our target delta of 0.62 near the closing of yesterday 11 Jan session and were closed. Sinnce we don't have a reversal signal yet, the bullish hedge was continued by selling fresh Jan 8450 calls (with a delta of 0.40).

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