Analysis and Trade Plan - 10 Jun 2019

  • On Friday, Dow Jones shot up by 1%. SGX Nifty shot up by 70 points. Right now SGX nifty is up 60 points hinting at a positive start for Indian market.

  • Looking at Nifty Futures, I cannot see much speculation right now. It seems market makers are just making up their mind right now. Significant long exist in Bank Nifty Futures.

  • Max Pain for Nifty is at 11850 and making a pivot low. PCR is also at .67 which is not a good sign. For Bank Nifty max pain is steady at 3100 and PCR rose to .77. I think we are into a consolidation mode now for some time.

  • India Vix cooled to 14.80 levels which is a good omen for bulls for now.

  • Amount of Put Writing on Nifty and Bank Nifty was comparatively more but still not significant to cause a sudden rally to the upside.

  • On Saturday, Trump decided to defer sanctions on Mexico indefinitely and there are also news of removing Huawei from sanctions list. If such thing happens, there will be a sudden rally to the upside.

  • Asian Markets are trading up right now. Hang Seng is up 2%. Nikkei is up by 1%.

  • Any major news is on 5th July, when budget by new government is to be presented.

  • Crude Oil and INR are both at comfortable levels not posing any risk.

  • Only bad news is coming in from local NBFC Crisis i.e. DHFL and IL&FS, which I think will not affect Indian Market. It is already discounted when it occurred.

Here is the sheet of my open positions:

7 June 2019 - 13 June 2019.xlsx

Rohit Katwal

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