Sell stop loss on the Nifty June expiry 5900 put option long position hit at Rs.74. Net profit/loss will be updated after the fund manager receives all contract notes for this trade campaign, with the loss on the hedge, brokerage, securities transaction tax etc. included. In the meanwhile, the current upward movement seems to be a correction and not a new bull trend, with a high-probability reversal zone in the region 5943-5978 (spot price) to go short again, based on Elliott Wave analysis on the 15-minute chart. Curiously enough, Elliott Wave analysis seems to work better presently on smaller time frame charts, and deviates from expectation on daily and higher time frame charts.
Posted on: Thu, 06 Jun 2013 09:22:01 +0000
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