Analysis and Trade Plan - 11 April 2019
Currently I am holding no positions.
PCR is bearish for Nifty and Bank Nifty.
Max Pain is steady for Nifty and Bank Nifty.
Call writing was visible on Nifty and Bank Nifty.
This whole week, I traded with pure Price analysis.
Currently, I don't think market is in any down trend. On weekly basis we may be bearish, but we are definitely bullish. On 2 Hourly charts, if one looks closely then we have a flag formation in Nifty and Bank Nifty.
Looking at global factors, Dow Jones ended sideways.
SGX Nifty is flat.
One factor that is worrisome is India Vix. It is hovering at 21.13. We have to be cautious of a swift move.
Crude Oil touch $72 yesterday which is not good.
INR is stable and should continue to be stable. As long as crude and INR are moving against each other we should be good.
I will do expiry trading today but will miss the first two hour. I need to know where the wind is blowing.
ADR of HDFC Bank is down 1%. Bank Nifty can open negative due to that.
Nifty has a decisive range of 11700 and 11550.
Bank Nifty has a decisive range of 30180 and 29750.
Any meaningful action along with vix power can come if Nifty and Bank Nifty breaks this channel.
Here are the updated positions:
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