Analysis and Trade Plan - 17 Jun 2019
On Friday, India retaliated with tariffs on USA. It resulted in market breaching 11800.
Protests again extradition bill in Hong Kong also added to the bearishness.
This week, Fed Meet is scheduled on 18th and 19th Jun 2019 which will be crucial in giving the direction.
Nifty Futures witnessed addition of shorts. PCR at 0.51 is bearish and max pain is also moving down.
11900/12000 Calls witnessed extensive call writing of more than 1 Million each.
Important level to look out for are 11880/11900 and 11770.
Bank Nifty Futures also witnessed short addition. Max pain at 30800 is starting to move down with 0.54 PCR hinting at bearish bias.
Call writing was extensive from 31900-31300 on Bank Nifty with Put Unwinding at all immediate strikes.
Given the volatile nature of market, I will execute position post 02:00 pm to save myself from any whipsaws that may arise from intraday volatility.