Analysis and Trade Plan - 2 April 2019
Dow Jones closed positive yesterday with 1.27% advance. It can raise sentiment a little.
SGX Nifty is sideways right now. And as I write it has shot up by 30 points.
Crude Oil has started moving up and is near $69.
Nifty seems to be stuck between 11650 and 11700 for some time.
Although pain is moving up, we may go a little sideways now before moving up.
Nifty PCR at 1.07 is sideways as of now.
Nifty futures witnessed long unwinding.
Technically we may hit 11500-11550-11600 before moving up.
11700 is a strong resistance for now based on option data.
Bank Nifty seems week as there was call writing post 30700.
Future activity was also dim.
Bank Nifty pain is moving up every day but PCR is at 0.71 which is bearish. It can turn once the bull run continues. I will look for reversal signal near 29900-29800-30000 levels.
Details of my trades are shared below: