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.