Well, I went long in Nifty November calls at wednesday nov 24, close. These were 5800 and 5900 calls. The trade was BTST - I was looking for an early morning gap. On Thursday, the Nifty opened up, quickly went down. I waited for a test of the early morning highs, which did come about soon enough. Nifty was not showing much upward thrust. I sold the calls when nov futures were around 5903. My 5900 calls were purchased at 26 and sold at 25.50, while the 5800 calls were purchased at 61 and sold at 103. One more reason for selling early was my holiday, since I wished to go out after 10 AM. It was possible for the Nifty to rally further, but there were two reasons to exit early - I did not see enough up thrust + I needed to close the positions anyway. Now, as I update my intra day charts at 9 PM, I see that futures fell all the way down to 5790.
While the markets can stop anywhere, and, do anything, significant support comes around 5550. Traders should look for stocks where the decline has stopped. In any case, there should be no hurry to go long.