Analysis and Trade Plan - 29 January 2019
Fall in Nifty was due to financial and banking companies.
ICICI Bank, Indus Ind Bank, Axis Bank, Yes Bank dragged Bank Nifty.
Tomorrow we have results of Axis Bank, day after that ICICI Bank which is going to cause volatility.
We are in the last week of January, so we do not know whether futures are being rolled over or not.
Pain has started to move down and is at 27000 with PCR at 0.70, we are looking at bearish sentiment for few days.
OTM PCR is at 0.40 which is also a bearish sign.
I will not be surprised if we bounce a little given the sell-off of today. I will sell more bear call spreads or call calendars.
Currently there are no levels. We need to go with the flow.
Fresh short were created on Nifty.
Pain is steady at 10800 and PCR is bearish.
OTM PCR is at 0.53 right now.
I have a feeling that market will expire between 10700-10800.
Could not update blog due to some family commitments. Looks like I will take some put calendars today.
Existing positions are all going fine.