12 Sep ’23 Post Mortem on Nifty - Mid Small Caps bleeding
Nifty Analysis
Recap from yesterday: “For tomorrow I wish to continue with the bullish stance, although I would like to take some safety net via long PUTS as we have the CPI (Inflation) data coming up this week.”
The opening 45mts saw huge profit taking, few of the candles were deep red sending out a message that it may not just be a profit taking. I usually do not check the midcap and small cap indices as their weightage rarely moves Nifty.
But seeing the aggressive price moves, I did peep into those sub indices and this is what happened.
nifty smallcap down 4.1%
midcap 150 down 2.97%
nifty metal down 2.67%
nifty energy down 2.49%
nifty next50 down 2.3%
nifty auto down 1.86%
nifty commodities down 1.85%
Usually we do not have these high aggressive moves. I even forgot the last time Nifty moved 2% intraday. The puts that I had on Nifty did appreciate in value in the opening 30 to 40mts but the fall got arrested there. So I still have those long PUT positions active for tomorrow.
The options premiums were also a bit off today, the OTMs having an unusual surge in prices - totally irrational. By around 14.45 - the options flow suggesting further downside. Whereas by 15.20, I got conflicting signals from the PE side.
I wish to just wait and watch for tomorrow and not get into an aggressive long position until Nifty50 has consolidated at the current levels. I wish to modify my stance to neutral from bullish. If we break the 19870 levels tomorrow - I wish to go short (bearish).
Recap from yesterday: “For tomorrow I wish to continue with the bullish stance, although I would like to take some safety net via long PUTS as we have the CPI (Inflation) data coming up this week.”
The opening 45mts saw huge profit taking, few of the candles were deep red sending out a message that it may not just be a profit taking. I usually do not check the midcap and small cap indices as their weightage rarely moves Nifty.
But seeing the aggressive price moves, I did peep into those sub indices and this is what happened.
nifty smallcap down 4.1%
midcap 150 down 2.97%
nifty metal down 2.67%
nifty energy down 2.49%
nifty next50 down 2.3%
nifty auto down 1.86%
nifty commodities down 1.85%
Usually we do not have these high aggressive moves. I even forgot the last time Nifty moved 2% intraday. The puts that I had on Nifty did appreciate in value in the opening 30 to 40mts but the fall got arrested there. So I still have those long PUT positions active for tomorrow.
The options premiums were also a bit off today, the OTMs having an unusual surge in prices - totally irrational. By around 14.45 - the options flow suggesting further downside. Whereas by 15.20, I got conflicting signals from the PE side.
I wish to just wait and watch for tomorrow and not get into an aggressive long position until Nifty50 has consolidated at the current levels. I wish to modify my stance to neutral from bullish. If we break the 19870 levels tomorrow - I wish to go short (bearish).
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