NIFTY
broke out of the range today. 1. I squared off trapped call positions for loss.
2. On breakout, sold 9500 PUTS which were squared off profit.
Some ideas from the price action today.
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Today may be much awaited start of the breakout. The strength of the breakout is pretty strong. But one thing to be noted is This breakout still need to be confirmed by spending couple of days more building on this strength and staying above 9400. The overall market breadth was not very strong. 38 Advances and 12 declines. Since large move is made today, tomorrow we may have consolidation.
Once again remember overall view on monthly time frame , This is just a first meaningful bounce which can fail anytime. So better to stay light on long positions.