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.