Analysis and Trade Plan - 25 June 2019

  • Yesterday was a no speculation day. It seems like everyone is awaiting budget and not taking any positions.

  • We are nearing the end of June Expiry so I am expecting volatility to both the sides, but not a decisive breakout.

  • In my opinion, decisive breakout will come out only after G-20 summit or once the budget is announced. So we may remain sideways.

  • Currently, Nifty other than daily charts in bearish. Bank Nifty is highly sideways.

  • If one looks at PCR and Pain, then also we are in sideways territory.

  • US has imposed sanctions on Iranian Leaders and affiliates which is a risk to the markets. But Crude Oil is stable below $65.

  • Rupee is also stable.

  • Gold is near 6 year high which is a cause of concern.

  • Auto and Pharma Index are not doing good so that's the cause of concern for Indian Markets.

  • Also, majority of stocks in India are trading below 200 DMA which again is a cause of concern. It shows the overall bearish sentiment of Indian economy. Which could also mean that only some blue chip companies are stopping the market fall.

  • I am expecting a sideways to negative opening for market. SGX Nifty is down 10 points at the time of writing.

  • For Nifty we are stuck in a range 11850 - 11600. For bank Nifty, we are stuck in a range of 30800 - 30100. Any meaningful rally will come after this channel is broken.

  • I am currently trading with sideways and bearish bias.


Here is a look at my open positions.

21 June 2019 - 27 June 2019.xlsx


Rohit Katwal

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