If the entire market movement for the day is to described in one single line, it would be 'a bullish start that didn't sustain'. The market in its initial phase hovered around its intraday support 9103 which it later reached again during the closing session. The bulls tried to push the market to its next support i.e. 9195 but with an insufficient momentum, thus proved to be fruitless.
The Morning Trade:-
The trade taken at around 9:30 with 9000 call option as market had shown signals of rise after taking 9103 support. A small trade taken as there was absence of volatility, market had opened flat without a good gap. Its slight movement towards the next resistance was attempted to be captured, however, the absence of movement suggested a scalp trade, an early exit. Profit of around ₹1,500 was booked. Merely a 10 point trade.
The rest of the day:-
Bank Nifty has been bearish since many trading sessions and did not show signs of a rise till it hit its weekly support 17517. Today it opened flat, taking a support at 18035, it further supported Nifty 50 with its rise. This is when Bank Nifty 18000 Call Option was profitably traded. However, banking sector experiencing an absence of momentum, started falling from the day's high 15 mins earlier than Nifty 50 itself i.e. at 1:15. Nifty Energy and Nifty IT could not sustain the market to the day's high thus pushing Nifty at the support of 9103 and Bank Nifty far below 18035. This is when a small trade with Bank Nifty 18000 Put Option came handy.
One of the main reasons why Nifty fails to rise significantly is due to absence of bulls in the banking and financial sector. All the good news about Reliance Industries and the cumulative rise in the IT, FMCG & Pharmaceutical sectors is taken down by the falling financial services sector. Today is just another instance where market experienced 'a bullish start that didn't sustain'