On Monday, 18 November 2024, Nifty opened with a strong gap-up around the 23,600 level. However, shortly after the opening bell, it began to plummet as if there were no tomorrow. The index formed a significant red candle, shedding 100 points on the 5-minute time frame and closing just above the 23,500 level. At that point, new buyers realized their mistake in entering around the 23,500 mark and began exiting their positions in panic, which only exacerbated the decline.
As anticipated and shared in my Telegram channel, I expected a sideways to bearish movement for Nifty. However, even I was taken aback by the intensity of the fall. Seizing the opportunity, I entered a bearish position, aligning with Nifty’s momentum and anticipating a breakdown below the 23,500 level—a move I promptly updated in my Telegram channel.
It turned out to be a smooth trade, resulting in a 100-point profit on my opening position—a true blessing. As the trade progressed, I began trailing my stop to secure gains and eventually exited with a 70-point profit on Nifty. A rewarding start to the day!
After that trade, I knew it was time to take a break. While on the sidelines, I turned my attention to BankNifty. I noticed that BankNifty was showing relative strength compared to Nifty and reacting more firmly around the massive psychological level of 50,000. Seeing an opportunity, I informed my group that I was planning to buy BankNifty—a bold move, considering the long-term bearish market trend. I patiently waited for a favorable entry, spotting one around a pullback, and took the plunge. Now, I was long in a bearish market, and, unsurprisingly, the market initially moved against me. Panic started to set in, but I managed to control my emotions, marked a key level on the chart, and shifted my focus back to other tasks.
The market spent quite a while on the bearish side, making me increasingly anxious, especially as Nifty continued breaking down below 23,500. However, as any seasoned trader knows, you stay in a trade until your stop-loss is hit. So, I held my ground. After what felt like a lifetime—about half an hour—the market finally began moving in my favor. At one point, it had moved 70% toward my stop-loss before turning profitable. My entry was around 50,300, with a target set at 50,500—a 200-point goal. The market spent a lot of time testing my patience before it finally rallied to 50,448. At this level, I noticed signs of weakness, prompting me to book partial profits.
As an option buyer, I’m not fond of sitting in a sideways market. Once I realized the momentum was fading and it was likely to remain range-bound, I decided to exit the rest of my position and secure my gains. It was a tactical decision and, ultimately, the right move for the situation.
So My Result Today Was 2 Trades Taken
Both of them were profitable
