Analysis and Trade Plan - 14 January 2019

  • Britain goes for Brexit Vote today. Its impact is unknown right now.

  • Its good that HDFC Bank results are on Saturday. I usually don't keep position on Friday.

  • Reliance Industry result is on 17 January which can cause volatility in Nifty.

  • Nifty right now is sideways. Its forming a triangle on all time frames.

  • Option writing is subdued. Future OI is also not suggesting any move right now.

  • Max Pain is stagnant for many days at 10800 with PCR at 1.12. Its slightly bullish and sideways.

  • Bank Nifty is bullish on all time frames other than 30 minutes.

  • Option writing was considerably more on call side. Future OI suggests long unwinding in last two sessions.

  • Max Pain is at 27500 and PCR is bearish at .70.

  • I will like to wait and watch for few hours before taking a position. On daily and 2 hourly charts we are bullish. It will not be a surprise if it takes support near daily charts between 27200 to 27350 levels.

  • As I said, bullish rallies are swift right now, so doing a wrong short trade will incur more losses as it wont give time for timely exit.

Rohit Katwal

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