trade - august 11

everyone was expecting a rally today. indeed nifty is currently around 4600 mark. I has bought nifty call 4700 at 89 purely for intraday. But then saw some really large increase in open interest of PE 4400 and PE 4500. Didn't want to take any risk, waited for about half an hour and i quit at 90.5. After deduction of brokerage, that is actually a minor loss.

at current levels of nifty, i am more comfortable buying puts rather than calls. nifty at 4600 in long term is highly unsustainable. bad news about credit crunch has never stopped pouring in.