Analysis and Trade Plan - 17 Jun 2019

  • On Friday, India retaliated with tariffs on USA. It resulted in market breaching 11800.

  • Protests again extradition bill in Hong Kong also added to the bearishness.

  • This week, Fed Meet is scheduled on 18th and 19th Jun 2019 which will be crucial in giving the direction.

  • Nifty Futures witnessed addition of shorts. PCR at 0.51 is bearish and max pain is also moving down.

  • 11900/12000 Calls witnessed extensive call writing of more than 1 Million each.

  • Important level to look out for are 11880/11900 and 11770.

  • Bank Nifty Futures also witnessed short addition. Max pain at 30800 is starting to move down with 0.54 PCR hinting at bearish bias.

  • Call writing was extensive from 31900-31300 on Bank Nifty with Put Unwinding at all immediate strikes.

  • Given the volatile nature of market, I will execute position post 02:00 pm to save myself from any whipsaws that may arise from intraday volatility.

Rohit Katwal

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