Do not short Bank Nifty

Sep 2

Bank Nifty is showing tremendous probability of an upmove. Only HDFC Bank needs to come to the party.
Any short move will be a trap to squeeze all the shorts and then there will be a short covering.
Enter long once price closes above 51475 only.

Sep 2

Note

Time to go Long on BN. Target 51,800. Hold overnight if required.

Sep 3

Note

ICICI BANK & SBIN are the ones holding BN back. HDFC has started to move favourable. Kotak has also joined.
HDFC will have to move big time for BN t shoot up.
Vix is also quite low. This could be another reason for less volatility.
If BN closes strongly below 51,304 I will be exiting the Long. But I won't be taking short.

Sep 4

Trade closed: stop reached

Exited the Buy position with a minor loss. It is important to hedge overnight positions to avoid massive blows. The sell position is still open and will surely collect some premium till EOD and close with minor loss.