Analysis and Game Plan - 1 November 2018

  • I am trading with bullish bias in the coming days now.

  • 10000 has been rejected many times on Nifty.

  • 24500 has been rejected many times on Bank Nifty.

  • Double Bottom has formed.

  • We have witnessed a Higher High and Higher Low patern on lower time frame.

  • Despite being close to spot price, strike of 10000 is witnessing put writing.

  • Even the closing price has gone above 14 days average VWAP price.

  • Call writing was at 10900. Put writing was at 10300 - 9800.

  • Pain is stagnant but PCR has moved significantly.

  • For Bank Nifty, we have gone bullish.

  • Put writing has been strong along with pain moving high and pcr moving high.

  • We have formed Higher High, Higher Low pattern and a double bottom rejection to downside.

  • Yesterday, down move was because rumour was there that government is discussing implementing section 7 on RBI. Later there came a clarification negating it and market started moving higher.

  • SGX Nifty as of now is 40 point up.

  • Dow Jones also close 1% up.

  • We should open a little gapup.

Conclusion -

  • This is the 6th week when market is trying to close at the same point.

  • I am trading with bullish bias for expiry trading.

  • We may have found a trend that we were looking for.

Game Plan -

  • I will slowly sell my puts sold to release margin for expiry trading. I think we will have a normal opening or a gapup opening and premiums will come down for them.

Here are my open positions -

26 October 2018 - 1 November 2018.xlsx


Rohit Katwal

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