CHART Green candle both indices; nice bullish move near second half
OC. 17600-18000; 37500-38000
PCR. bullish nifty; bearish banknifty
FII. -575
DII. -16
FnO Data long build up
RSI. 59; 49
ADX. 17; 17
Conviction bearish
Bias. bullish
Int. Markets green
OUTLOOK nifty looks bullish, banknifty is still range bound; 37500 call writer is sitting tight
TRADE. 38000 CE sell is still looking good ,also, it won't be easy for nifty to break 18000 so 18000 CE sell
LONG. CHOLAFIN, GRASIM, ADANI ENT, ITC, HIND PETRO
SHORT. TRENT, CIPLA, OBEROI, CANFIN, MARUTI
INDEX TRADE long banknifty above 37868, short below 37581, long nifty above 17802, short below 17613
> Massive recovery happened in both indices near the second half and the trading plan as discussed in previous market report worked nicely.
> Both indices could not manage to cross their psychological levels of 18000 and 38000
> 17800 CE has witnessed hell lot of call writing already; will be a tough resistance to break.
> RBI policy has been taken positively by the market. Good for short term but has some long term implications.
> Russia-Ukraine war is taking new turns as British Prime Minister Boris Johnson made a surprise visit to the Ukraine Capital Kyiv and met the comedian president of the disturbed nation. This will be adding fuel to the fire and is not something good for the world and our markets.
So, expect the next week to be jittery. There will not be a clear direction unless 38000 and 18000 are decisively broken. Option sellers can take positional delta neutral strategy.
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