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



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