07
Jul
11

SBI follow up..

In my earlier post I had mentioned about selling SBI 2600 call for July series (https://writingoptions.wordpress.com/2011/07/03/sbi-fibonacci-retracement/). Yesterday I covered my sold SBI 2600 call at a slight loss. SBI crossed 2440 levels and even on a down day it was up 1.5%. I felt uncomfortable and cut my position. At this point of time I am not sure about SBI movement, but in case SBI goes up further from here than I might re-look at selling SBI calls.

In last 10 days India has seen lot of FII flows, close to USD 2 billion (http://business-standard.com/india/news/fiis-head-back-as-macro-headwinds-ease/441712/). Significant amount of this money has obviously gone into large caps. Some stocks like SBI, Tata Motors had lot of shorts which got covered. I have to be careful while writing calls of some large caps. From next week, Q1 FY11 results will start pouring. Its better to wait for cues from result season and then proceed.

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