Analysis and Trade Plan - 30 April 2019
Dow Jones hit record high yesterday.
I cannot get the data for SGX Nifty, but some sites mentioned it to be -27. Looks like we are set to open little negative.
Crude Oil fell sharply in last 2 3 trading sessions. Even Rupee is getting strong. It is likely to create a bullish momentum.
Net future position on Nifty and Bank Nifty were long on Friday.
Max Pain at 11700 for Nifty is steady. Pain for Bank Nifty at 30000 has started to move up.
11700 saw a put writing of 1 million on Friday. Bank Nifty also witnessed put writing on all counters.
Overall PCR is bullish for Nifty and Bank Nifty.
Nifty needs to cross 11760/11800 with momentum for any further upside or we can fall from this top.
Bank Nifty needs to trade above 30100 for any further upside. On the downside 29800 will be a crucial level to watch out for.
I am trading with a sideways to bullish bias.
Detail of my trades are given in the link: