BJP Government along with NDA witnessed thumping majority and hence no doubt was there on bullishness of the market.
Government is scheduled to be formed on expiry i.e. 30th May 2019.
India Vix fell by more than 15%, which was another reason I went long.
There is not much news on global front. US China trade war has again taken a back seat.
Crude Oil is stable below $70 mark. Strength in equity market is helping Rupee get strong.
SGX Nifty is down minor 20 points which is not the cause of concern.
On Daily, 2 Hourly and 30 minutes chart we are bullish. With any retrace to downside, I will add to my bullish positions.
On Friday, Nifty options witnessed put writing at 11700/11600 levels while call unwinding was witnessed at 12000. Also 11800 is going to be the point of fight between bulls and bears. We need strong OI addition on 11800 levels for this up move to sustain.
Similarly, put writing was visible on Bank Nifty on all strikes.
Given the bullish momentum we witnessed, future activity remained dull with addition of only 12,000 contracts. I am watching Nifty closely for any counter movement. Although I feel it will turn bullish according to existing sentiment.
Bank Nifty futures added huge OI. With a positive price move, it is a bullish indication.
PCR for Nifty and Bank Nifty is not comforting right now, but I think it will turn around.
Overall I am trading with Bullish bias, but I am also cautious for any surprises in the market.
Here are my overall positions: