As I was expecting a bulls trap and clearly Nifty fell on High volumes. Besides Nifty there are other signs in the market which confirmed the topping out like most of the script out of nowhere are spiking up 7-15% in the last 2-3 days making a perfect bulls trap situation for retailers. Retailers positions in Nifty and Spot market also confirmed that they are going long irrespective of FII selling.
FII Stats:
Fiis sold 28 lacs of Nifty and open interest decreased by 3 lacs, again retailers are on the wrong foot. Option positions are building significantly in the market as FIIs were net buyer in options segment to the tune of 1766 crores.
Calls Review: Tough I haven't initiated any new positions in cash market as positions are skeptical so I booked profits in Ansal Infra @ 81 and Aptecht @ 182 and even shorted Aptech for the cool 7 Rs profit. In the coming days will be looking for the shorts in the weaker scripts.
Hope you liked it!!!
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