The 1000 Point Rally

30th August, 2022 . The Market Rallied.

Bank Nifty opened at 38,516.95 ,with a Gap up of a Rough 170 points and by 3:30 pm the last ticker was at 39,520.35. A whooping 1000 swing.

The Previous Day, Monday 29th August, 2022 the market reacted sharply on the US Fed Chairman Jacksonhole Speech but the Bank Nifty Still didn't broke the important Support Level of 37,955 which was the Low of Candle on 23rd August, 2022.

I took A 38700 CE Strike Price Call at 248/- and my Stop Loss on the initial trade was if Bank Nifty broke the low of First 5 min candle. The markets started to consolidate above 38700 and then shot up.

As Soon as the 38800 was broken I bought a lot of 39000 CE at 235/- as the next logical Call writer resistance appeared over there.

The 39,000 Resistance was broken convincingly ,and I trailed my stop losses above the cost price.

The Next Logical resistance that appeared to be was at 39,300, which was the high of 26th August, 2022. And Bank Nifty did give some resistance over there and my Trailing Stop Losses were hit.

But With the auspicious Occasion Of Ganesh Chathurthi around the corner, Bank Nifty Crossed 39300 convincingly and sustained above it for 10 mins, and the next moment 6 Call Position were added of Strike Price 39400CE in a staggered manner at an average of 232.47 /- with my stop loss being if Bank Nifty 5 min Candle Closed below 39300. Here the Logic was just Playing the momentum.

Market Shot up to 39500, Completing a 1000 Point Swing Move.

Once in a Blue Moon Occurrence

A Profit of 19,750 was made.