Another true story ia m tell ya
I bought Route mobile EQ at 940
next day it was 900
and for 1 week it stayed below 940...
after 1 week it got 970 i sold delivery shares and then went double qty short in intraday at 970. share price came down 963 i bought back
all intra day shorted shares Further share price fell and closed to 945.30 date is 19th 11 2020
this time i didn;t buy it hoping it will open low tomorrow.
Then today on 20/11/2020
Share opened @ 950 and that was todays low 950
then share price went again 972 i today shortselled about 1800 QTY @972
within less then 15 min share was 967 .. i had a buy order at 966
My brother was calling me for soem home work and was repeatly calling so i decided to close position and
i modified order and squareoff at 967 paying R.s 1 extra.
after i came back i saw price as in UP FREEZ 992.55
even at 3:00 and 3:15 pm share price was still 992.55 with only BUYER no SELLER
and even broker terminal broke at 3:11 yup (Finvasia too was down from 3:11 pm today till 3:31 pm)
so who ever shortsold will not be able to buy back and there shares will go in AUCTION where they have to buy share at 20% higher price
so if my bother had not called me and i didn;t square off position then PENELTY AUCTION ( 1800 * 20% price 199 )
so 1191 be Price in auction
NET LOSS OF 358000 be it
Today Lord Venus good grace was with me I was saved . but that could have been me .
why all this began ? coz soem FII probably gold man decided to buy 3-4 lakhs share and keep share in up free till end of trading hours .
since you already wasted your 2 min reading my this experience what did you learn from this ?
i am not going to get share back at 945 am i ? unless and untill nifty falls .
Bhai, my friend got stuck in Glenmark when it went up 20% few months ago.
Anyway, what did you learn part ? Just always use SLs.
SLs are under-rated, if you think there is SL hunting, if short, put it shy of Circuit.
If you ever plan to trade with SLs, keep safety just before ckt atleast.