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.
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.