Analysis and Trade Plan - 5 March 2019
Updated: Mar 5, 2019
I am holding a straddle right now. I have sold Bank Nifty Puts of 26500 and Nifty, Bank Nifty calls of 27500, 11000, 11050. I will see if they need exit on Wednesday to enter into fresh position. The spread is already in profit right now.
I am expecting a normal opening for market.
Indo-Pak tensions have stabilized to some extent.
SGX Nifty is hinting at a sideways opening.
I am also keeping a close watch on Rupee and Crude Oil as both are consolidating. They are in comfortable zone right now.
Nifty witnessed put writing at 10800 indicating support. There was some call writing at 11000.
Overall trend seems bullish with PCR at 1.43 and Pain moving up.
Bank Nifty witnessed long buildup in futures along with moderate put writing.
PCR for Bank Nifty is also bullish. Max pain is yet to move up which is hovering at 27000.
Overall bias is bullish right now. I will still give a miss to trading till 11:30 am.
Note - There was confusion over trading holiday. I knew it was Shivratri Holiday, but then I checked NSE Website and it was saying 4 March, 2019 as next trading day. Then at 08:30 am I confirmed from broker that market is closed and hence an early analysis.