Analysis and Trade Plan - 5 February 2019

  • If SGX Nifty is any clue, then we might open gapup today.

  • I mentioned yesterday that I was looking for bullish movements.

  • It is very difficult to trade your view when everyone is against your view. Yesterday, people were turning bearish when I was looking at bullish entry.

  • Index is being managed everyday. We are on daily uptrend. With every retest of previous high, chances of breakout are getting stronger.

  • Budget was also good and can help modi government so there was no reason to be bearish.

  • I was whipsawed into one stoploss, but that helped me enter a new position with more conviction as down move was not intense.

  • Currently I am holding 10 Lots of 26600, 26300 Bull Put Spread and a Naked Put of 26800 to cover my whipsaw.

  • Trend on Nifty is bullish over daily, 2 hourly and 30 minutes chart. Net future positions are long with pain at 10900.

  • PCR at 1.42 has turned bullish once again.

  • Put writing was comparitively more than call writing.

  • On Bank Nifty, pain is at 27100 and PCR 0.9 is neutral right now.

  • Put writing was more compared to call writing. There was some call unwinding.

  • My positions taken yesterday are already in profit and with a gapup may lose 10 more points in premium. I might cover the positions and look for new positions.

  • I am trading with bullish bias.


Rohit Katwal

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