Nifty reversed direction. Our long position squared off.

Today on 27th March, Nifty 50 dropped sharply due to the global risk off sentiment prevailing because the clarity on the war progress is totally missing. Yesterday was a holiday for Indian markets. Before that, we had opened on a Long Futures position on the 25th at 23070. Our stop loss was placed at 22976 (spot), however, today at market open, based on the renewed calculation, we needed to move the SL slightly higher at 23023, equivalent to 23035 in futures.

At the time of this writing, Nifty is trading near 23010, hence our stop was triggered a while ago at 23035 futures price. The MHAF chart is forming a red but not-decisive bearish candle. The indicative short position should be initiated at Nifty spot 22917 which has not reached yet. If we open a short position there, the SL should be placed around 23170.

The long position we squared off today was opened at 23070 thus making us a small profit of 35 points or Rs. 9,100. With no open position at the moment either in the FO hypothetical or in the F&O real money portfolio, we have made 1470 points or Rs 3,82200 in the hypothetical account and booked a real of profit of Rs 1,14,500 in the beginning of the month. We have 2 more trading sessions remaining for this month series and will be waiting for fresh signals.

Happy trading. Cheers.

P.S: Towards the end of the day, Nifty fell sharply triggering our short entry at 22920. The fall continued until the day's closing at 22820, offering an unrealized profit of 100 points. As per the changed spreadsheet position (not shown here), the stop loss for this new position should be around 23121 (spot) on Monday's opening.