Analysis and Game Plan - 2 November 2018

  • We may have entered into a little bull run. Question is whether it will extend towards longer bull run or not.

  • On Nifty, on 30 minutes chart we are bullish while daily charts are not that strong, which tells there can be side ways movement.

  • SGX Nifty is up 73 points untill 10480 hinting at a positive start for our markets.

  • Dow Jones also closed 1 % up yesterday.

  • Crude Oil and Rupee has started receding now.

  • Yesterday, at 10400, we saw call writing of 800,000 contracts. Simulateneously we saw put writing at 10000 for 500,000 contracts.

  • One has to be cautious while taking bullish strategies.

  • Historically, I have seen Nifty making a shooting star type of pattern on mahurat trading of Diwali. So we can have a short run till that.

  • Bank Nifty is also showing signs of bullishness.

  • It would be safe to take bullish bets as there is mostly put writing.

  • India Vix has cooled a little due to which premiums have come down.

  • Statement from Trump and Xi on trade talks is taken positive.

  • If talks fail, then the sentiment will again change into uncertainity.

Conclusion -

  • We are bullish unless things change now.

Game Plan -

  • I will wait for 12 o clock to take some positions.

  • I will be taking 6 lots today for overnight position.

Rohit Katwal

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