Tuesday, February 28, 2012
Haha, Another biggest mistake. I missed blockbuster Nifty rally. I was actually long Nifty around 4590 and booked my profits at 4710 and waited for a pull back. Again I entered Nifty at 4895 with hedged position and booked my profits and covered my shorts in call option and eventually lost money because of hedged position. Again at 5300 I enter into nifty with a bang by buying call options of SBI, Axis Bank and ICICI Bank. I was holding big long position in PFC and REC. I prematurely booked profit and wasted the opportunity and in that process I almost lost making more than 3 Lakhs (Actually made a small profit of 50k, but it simply compensated my earlier hedged losses that I made by writing call options). I believe that this rally clearly has legs and I personally believe that Nifty could make New High. Let me see whether I could make profits. I'm long in few positions that are very high beta names which I've never gone before in my life. Those are infrastructure names and I'm really afraid to hold it but still holding it in a belief that I could erase all my previous mistakes. Let's see what happens?