Analysis and Game Plan - 12 December 2018

  • So we are done with a major event now. BJP lost all states but analysts are saying that loss was not severe and they can still perform good in 2019 elections.

  • Government was quick to announce Shaktikant Das as new RBI Governor. Last time it took more than 1 month.

  • Last three days, we closed between 26100 and 26200, which means we are in a sideways phase.

  • Despite OPEC's oil cut, crude oil hasn't rallied much.

  • Rupee is back to heights which at ₹72.32 and can go sideways or up from here depending upon global factors and might not be good till it comes down.

  • On Daily charts, we do not have any trend on Nifty and Bank Nifty. Neither on 30 minutes chart. We can sense a bearish trend on 2 hourly charts and price is at a retrace.

  • Pain for Nifty and Bank Nifty moved down in last few sessions, suggesting bearishness in market.

  • PCR for Nifty is neutral and for Bank Nifty it is bullish.

  • Nifty Future witnessed short covering whereas Bank Nifty witnessed longs being added.

  • Put writing was more on Nifty and Call writing was more at Bank Nifty across all strikes.

Conclusion: We have contrasting data in terms of trend right now which means trend is sideways, volatile with bearish bias. I would like to take some Call Calendar after 11:00 am once market has settled a little and there is clarity. It might be possible that I skip trade all together.

Rohit Katwal

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