Analysis and Trade Plan - 30 September 2019
Globally, I do not see much disruption immediately. Brent Crude is trading at comfortable levels. Rupee is also not weakening further.
Dow Jones might be negative but trend is still bullish.
Nifty and Bank Nifty are also bullish on daily and 2 hourly charts right now. We are consolidating on 30 minute charts. So we need to see what direction we may take from here.
Nifty
Nifty Futures witnessed short covering. And it is too early to comment for current series.
Option Data is bearish to sideways.
Max Pain is bullish and PCR at 0.91 is sideways. We need further trigger to either side.
India Vix is at 16.11.
Right now we are into sideways consolidation.
FIIs were seller for 213 crore while DIIs were net buyers of 458 crore on Friday.
I will take a bullish position above 11600 and a bearish position below 11420.
Bank Nifty
Bank Nifty futures witnessed long buildup.
Option Data is bearish to sideways.
Max Pain is bullish but PCR is bearish at 0.75 right now.
Like Nifty, Bank Nifty is also in sideways consolidation right now.
I will take a bullish position above 30180 and bearish position below 29500.
Personally, I feel the break can be to the upper side. Let us wait and see what market has planned.
Rohit Katwal