A nice bullish day. Our position is gaining in value

On 7th April, Nifty started it's day with a negative sentiment, opened 130 points lower and kept on moving down up to 22720 dampening the cheerful mood of the previous trading session. However, towards the later part of the day bullish sentiment resumed and a sharp up move took Nifty towards 23150 making a huge intra-day swing of 430 points before closing at 23124 resulting into a gain of 155 points for the day.

The MHAF chart supported this bullish move by forming a strong green candle with no upper shadow. As previously reported, we are now in a Long position with April Futures bought at 23070 and April 23100 Call short at Rs 587. The downside reversal point would come if Nifty reverses towards 22482 (blue line).

Our daily position has gained value due the up move. From a negative value at previous day's closing, we are now sitting on an unrealized profit of Rs 16,129. If we do not have to reverse at all during the month, our max profit potential would be 617 points which means by closing the position at 80% realizable profit we can expect to make about Rs 1,28,000 in this month by deploying a margin of only Rs 8.60 lakh.