28th Nov 2024 - PostMortem on Nifty - Sep and Oct PnL wiped out
Nifty Stance Neutral ➡️
This week was really terrible for me, not only did it wipe out my November, but it took out the October gains as well. Well, I do not blame the market for that, it was all on my overconfidence.
Never ever thought the state elections would play the role of big villain to my PnL. The mistake I made was not to concede ground on Friday itself when the markets moved close to 540 points. I was short at 24050 and that went almost in the money.
If you look at the price actions on Tuesday, Wednesday and Today - it was pretty clear that the upside momentum was really fake. We were never meant to go up. The entire positions I had would have ended in profits if I could have just waited out. But if you think of it from the other angle, in the heat of the moment - covering the shorts and running away for safety would have been the obvious choice.
The 475+ intraday fall today surprised everyone. It trapped all the bulls. Most of them would have loaded up after seeing the FII buy number the last few days after we had a month and a half with sell numbers.
At this point I would like to go neutral and then choose a direction once Nifty makes its next move.
This week was really terrible for me, not only did it wipe out my November, but it took out the October gains as well. Well, I do not blame the market for that, it was all on my overconfidence.
Never ever thought the state elections would play the role of big villain to my PnL. The mistake I made was not to concede ground on Friday itself when the markets moved close to 540 points. I was short at 24050 and that went almost in the money.
If you look at the price actions on Tuesday, Wednesday and Today - it was pretty clear that the upside momentum was really fake. We were never meant to go up. The entire positions I had would have ended in profits if I could have just waited out. But if you think of it from the other angle, in the heat of the moment - covering the shorts and running away for safety would have been the obvious choice.
The 475+ intraday fall today surprised everyone. It trapped all the bulls. Most of them would have loaded up after seeing the FII buy number the last few days after we had a month and a half with sell numbers.
At this point I would like to go neutral and then choose a direction once Nifty makes its next move.
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