What a fantastic bullish day for Nifty. We are close to profit booking.

On April 8th, following a ceasefire announcement between Iran and America and the assurance of reopening The Strait of Hormuz, global risk appetite surged. The Nifty 50 opened with a 730-point gap up, leaving everyone wondering if this strong move would hold. Surprisingly, Nifty maintained its strength at that level for a consistent period and gained even more momentum as the day went on. By the close, Nifty was just below the day's high of 24025 and slightly under 24000.

As of today, while this is being written, Nifty is experiencing some profit booking, which is expected following a strong upward movement. Currently, the benchmark index has dropped by 200 points, trading around 23,795.

Nonetheless, the MHAF chart has produced a promising bullish candle, suggesting that the bull run is still ongoing. According to our strategy, we are positioned safely away from the potential reversal point, which is at 22482. At that point, we will switch the futures trade to adopt a bearish stance, while keeping the short call option unchanged.

Our current floating PNL is Rs 1,11,000, and we are holding off on liquidating both positions until we reach the target profit of Rs 1,29,000. However, if we don't achieve this target and must reverse the trade as previously described, the new profit target, which is typically higher, will differ from the current one.

Cheers and happy trading.