Analysis and Game Plan - 17 December 2018

  • Dow fell 500 points on Friday but it is not having much impact on SGX Nifty

  • From here on technicals are more in play rather than any news event.

  • Rumour of buying back in market is there.

  • On data front, Nifty futures shed close to half a million OI. Where as put writing was seen on immediate strikes. Call writing was negligible. Suggesting it can be short covering.

  • Pain is at 10700 with pcr bullish for Nifty.

  • Bank Nifty did not witness much speculation in futures. Call writing and Put writing was normal.

  • Pain moved up to 26800 and pcr is bullish at 1.18.

  • On daily, 2 hourly and 30 minute charts We are still bullish.

  • Crude is struggling around $60.

  • India Vix fell to 15.16 which is good.

Conclusion - Trading with bullish bias.

Game Plan -

  • I am currently holding 8 lots of bull put spread. Plan to add more above 26950.

Rohit Katwal

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