Stiff resistance zone 3950-3961-3970
Target 3815
Buy 3900 put for 30-50 max, ltp was perhaps 60
Target 85-160
SL is price paid for put. If you can't risk the entire price paid for the put you are taking too big a position, downsize.
While i never mentioned an exit from the 3800 put earlier
I did mention to hedge at 3700-3570
You won't be making a loss on that position now thats for sure
Because when market approached 3700-3600 the 3600 puts would have been selling for the same amount that you paid for your 3800 put!!
If you got out with 2x profits gr8. If not well thats life.
3700 call reccomended at 100, target 200 hit. Half should be booked.
Remainder can be held for 3960 spot or 250-260 price of the call. Any position which is being held should be hedged by shorting 3900 call.
Greed and fear
Endless cycle of the markets
Check out the magic levels in the following image
Leave a comment if you think any of the levels is remotely working
Magic levels
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