Analysis and Trade Plan - 18 March 2019
Weekly Expiry is on 20 March 2019.
Indian markets closed strong all the way on friday. SGX Nifty closed 32 points higher.
Rupee has finally broken the resistance and is strengthening further. It may head towards 68.30 in coming days. It is good for Indian Markets.
Crude Oil is in safe zone for now.
Friday, Nifty again witnessed huge buying from market participants. Close to 2 million OI was added in futures which tells the underlying strength.
Pain for Nifty has moved to 11400 with highest OI in calls at 11500 and puts at 11200. Based on OI activity also we are bullish and 11300/11350 looks like a safe strikes to sell puts.
PCR at 1.59 is also bullish.
I have created a straddle on Nifty between 11250/11650.
Bank Nifty futures too witnessed long addition.
Pain has moved up to 29300 and pain at 1.37 is bullish.
Calls of 30000 and puts of 29000 has the max OI.
Puts below 29000, will be little safe to write now in current scenario.
I have taken a bullish straddle between 28600 and 30000 on Bank Nifty.
I am trading with bullish bias right now.