Huge bearish day. Our short position gaining....

Today, 30th March, Indian markets witnessed another bloodbath day at the very beginning of the week. Nifty opened gap down by 270 points at 22550 indicating decisive panic due to the escalating war situation, gave some hope for the bulls by rising up to 22715 but failed to sustain. The drift to the downside started and was relentless after that bringing Nifty to 22285 level at some point before closing for the day at 22332.

The MHAF chart supported this down move by forming a strong bearish candle without giving any signal of any imminent reversal. To think of taking any bullish trade, we expect Nifty to cross the bands to the upside and also form a strong green candle on the MHAF chart.

Today was the monthly expiry of the March series hence we had to let the trade expire at the closing price of 22332. The realized profit from this trade was 588 points or Rs. 1,52,880. The monthly profits in both the portfolios for this month are as follows.

F&O strategy: Rs. 1,14,500

Future only strategy: Rs. 5,35,080

Because the trend is still bearish we are still hypothetically short with a fresh position at 22420 April futures. The stop loss point at the opening of the next session sits at 22962 (spot Nifty) as per the spreadsheet above.

Cheers and happy trading.