Analysis and Game Plan - 24 December 2018

  • With US Government shutting down, the news is bad. But it cannot remain shut for ever and the day there is a positive development will call for a technical bounce.

  • On Thursday, we witnessed long unwinding, and if we consider next month futures, there was short buildup on both nifty and bank nifty.

  • Max pain for Nifty is steady at 10800. Any further down move and max pain will move down. For Bank Nifty, max pain is already down.

  • PCR suggests sideways bias for Nifty and bearishness for Bank Nifty.

  • Call writing was visible on Nifty and Bank Nifty for past two days.

  • Technically, we are bearish on 2 hour and 30 minutes chart.

  • On daily charts, we are hinging at support.

  • India Vix has again moved above 16.

  • Rupee has stabilized and crude is near 54 which is good for us.

  • Due to holiday season in many markets, I am not expecting much volatile movements right now.

  • Tomorrow, market is closed, so premiums will shed by evening or Wednesday morning.

Conclusion: Till this expiry, trading with bearish to sideways bias.

Game Plan: Market is moving down, planning to roll down, bear call spread with more lots.

Rohit Katwal

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