Analysis and Trade Plan - 19 January 2019

  • SGX Nifty is up by 20 points hinting at a normal opening.

  • Rupee again weakened a little and technical formation is pointing towards dollar strength.

  • Lately Crude Oil has gone bullish and is trading above $66 which is not good.

  • In other news, RBI has decided to pay ₹28 Billion dividends to government. How would it impact market is not known yet. It can be positive.

  • A lot of shorts were added to Nifty Futures.

  • Pain is down at 10700 and PCR at 0.43 is bearish. Vix is touching 18 so, it is better to be in sell mode.

  • 10700/10800 witnessed a lot of call writing while put writing was negligible.

  • Bank Nifty is also bearish now on all time frames along with data.

  • Pain is slowly moving down with PCR bearish.

  • Option writing is not significant but overall trend is down.

  • I am planning to Condor today. With rise, I will write bear call spreads. With fall, I will write bull put spread. I will try to make profit when market expires between my points.

Rohit Katwal

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