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Now that Kotak's Earnings are out and Price seems to have settled somewhat, Sold small quantities of the Feb 1200/1340 Strangle for 38
Now sold some 1220/1380 Strangles for 37
Sold some more at 42
This Position was down almost 40k yesterday but now it's Ok. 
The Power of Vega! Was down 40k day before, down 7k yesterday and is 4.5k up today with a very small change in Price. Will consider moving the CE side down a bit tomorrow to generate some extra Premium
This one going as per Plan
Moved 1380CE down to 1340CE for credit of 7
This one is Ok after today's adjustment. About 1.5% ROC in quick time
A little bit of adverse Price Movement but it's ok
Sold 1180/1320 at 30
Unusual adjustment for me. Sold 2x1320CE for 11
Added 6 lacs to the Trade-1 Strangle and 2 Naked CE. Something bad seems to be happening in the Stock. Although MTM is Ok, Deltas are a bit out of whack. Don't want to bring CE down until after budget. If it continues down will probably sell some more CE as a temporary measure
Depending on how the Stock opens, will consider moving 1x1340CE down to 1260CE and possibly short 2x1300 or 1320CE to cut deltas and move BE further down.
Shorted 2x1300CE at 11.25. Now trying to move 1x1340CE down to 1260CE
Done for credit of 16
Took off a 1340CE to partly rebalance Capital invested invested in selling the 2CE in the morning
Took it off at 8
Fear seems to have abated somewhat so took off 1x1300CE put on in the morning for 15- a small loss of 3.75 or 3k to the Trade
Sold 1180PE for 11 converting one of my extra long Shorts to a Strangle. So now I have 5 Strangles and 1 extra short CE. Net Investment of about 15 lacs
Now the Trade is up 41k or almost 3% ROC. The deltas are a bit higher than I like although I did want to go into the event defensively expecting a fall. The question is whether to take it off just before the event, book Profit and reenter afterword or continue the Trade
In retrospect, should have taken it off. Vol has fallen sharply and is unlikely to fall further and may in fact spike if the Market doesn't like the Budget. Hope I can exit at these Prices tomorrow morning.
Exited Position with Profit of 43k or 3% ROC. Not bad for a few days in the Trade. Profit largely due to fall in Vols which I don't think will last for long. Will get back into the Position when they go back up- which I suspect will happen next week
Final Position looked something like this
I'm not one given to regret. I took the Position off for a Profit of 43k on a view that Vols which had been crashing would head back up. Instead the reverse has happened. Had I held on, the MTM would have been 64k-and looking good for more
