Analysis and Trade Plan - 16 April 2019
SGX Nifty made a swing low yesterday and now it is +30 and it can lift sentiment a little at market opening.
Dow Jones remained sideways the whole day.
Crude Oil and INR are in safe zones right now.
Yesterday session in Nifty and Bank Nifty was tight and volatile. It tried to trap either to upside or downside thrice.
I had to exit my positions only to re enter again.
Activity in options is dim for Nifty and Bank Nifty. Bank Nifty witnessed put writing more than call writing. On Nifty, balance was equal.
Nifty future added long positions yesterday and is bullish.
Technically, we are bullish on all time frames right now.
Worrying point is India Vix, which is hovering at 21.
Max pain for Bank Nifty is steady for past few days at 30000. For Nifty, max pain is hovering near 11650.
We need a bullish day to be back into bullish territory for both technical and data wise view.
On break of yesterday's high of 30170/11710, I will add bullish positions.
Here are the details of my trades: