Analysis and Trade Plan - 28 May 2019

  • Net long positions were added to Nifty futures. 12000 seems to be immediate hurdle. 10900 is immediate support. I am looking at upper level at 11960 and downside level at 11850 crucial to watch.

  • Option data is bullish. Put writing is visible on Nifty 11800 and 11900 strikes. We have a huge hurdle at 12000 strike with total OI of 37 Lakhs. This can be the point where we might expire this week.

  • PCR is hovering at 1 which is not convincing. One has to be cautious right now.

  • Net long were added to Bank Nifty. Good thing is that when Nifty is lacking, Bank Nifty is leading from the front and carrying it forward.

  • I am bullish on Bank Nifty and i think it can still take Nifty further.

  • PCR at 1.40 is highly bullish and max pain is constantly moving up. There is little downside risk right now.

  • Crude Oil shot up to $70 but I dont think it will pose any immediate risk to our market since rupee is strong.

  • I am trading with bullish to sideways bias and will look at calendar or strangle spreads.

Here are my open positions:

17 May 2019 - 30 May 2019.xlsx

Rohit Katwal

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