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:

1 April 2019 - 4 April 2019.xlsx

Rohit Katwal

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