Analysis and Game Plan - 27 November 2018
Yesterday's bull move was because of governments capital infusion plan into PSB's.
We negated the bear move on 30 minute charts and came in sync with bullish move on 30, 2 hourly and daily charts.
Part of my decision to immediately change direction to bullish attributed to fact that we were sideways on daily and 2 hourly charts and bearish on 30 minute charts, but daily charts were on crucial retrace support, bounce from that point along with breaking days high gave a bullish signal.
Next news in focus will be G20 meeting between US and China, but that is on Friday and will have bearing on next weekly expiry.
Dow Jones closed strong.
SGX Nifty is up by 50 points.
Nifty bounced from support. Future OI added longs along with put writing at 10500/10600 and call unwinding across all strikes. Pain is steady and PCR bullish.
Bank Nifty witnessed put writing and very little call writing. PCR and Pain are bullish.
Conclusion: Trend is bullish for Bank Nifty. For Nifty, trend is getting bullish.
I don't have to alter my bull put spread taken yesterday with sightly extra naked calls.
I am expecting a gap-up.
I might add bull put spread depending upon the opening.
I might add a put calendar, if market has risen significantly.