Analysis and Game Plan - 11 January 2019

  • Bank Nifty is clearly outperforming Nifty in all aspects. ICICI Bank crossed its 52 week high. Question is whether Nifty will follow.

  • I think Nifty will ultimately move toward its previous highs. It is consolidating at around 10700-10900 levels and breakout can be intense. Fall is not that great and pull back is intense.

  • Trump has kept his government shut for close to three weeks now. Any day when the shut off ends, markets will rally and so does ours.

  • According to reports, Trump is eager to make a deal with China.

  • Data wise, there are not much short added in futures and market is at the same place. Max Pain is not moving up, but PCR remains to be bullish.

  • Crossing and sustaining above 10870 is a good sign for break.

  • Bank Nifty is already bullish. Its a pattern of break and whipsaw on daily charts. It makes an up move, then traps the sellers and then again moves up. I can see consolidation further up to 27400 and it is no time to trade.

  • Bull run is swift as compared to corrective swings, so I won't go short at this place. Moreover Bank Nifty is en route towards its previous highs of 28338. I will look to take some bullish positions near 2350-27400. If that is achieved today then I might do so in small quantities, lets say 5 lots only and that too not for more than 20 25 points.

  • I won't be surprised even if we touch 27200 before giving an up move.

Conclusion: Time for me to stay at sides till I get more clarity.

Rohit Katwal

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