Daily trade setup for 29th may 2019

  1. Yesterday nifty was down initially but closed in flat green. This shows that every dip is being bought. So shorting is not an option.
  2. Since nifty had moved a lot due to election fewer. I am expecting some profit booking. So I have shorted nifty. I have kept an SL of 12050. I have underlying stocks which will give good profit if nifty moves. The nifty short is kind of a hedge for those.
  3. Yesterday the US fell in the 2nd half and Nasdaq closed in -0.39% and dow closed close to 1% down.
  4. Europe also closed in down.
  5. Crude is falling fearing economic slowdown globally. Falling crude is good for India.
  6. Today morning Asia is in red. SGX indicates a flat start on the negative side
  7. The market is expected to be on the sideways for some more time till it gets next triggers. This is the time when option sellers will make wonderful money.
  8. Next major event is the monetary policy in June.
  9. My account is still in the migration phase. So will not be able to take trades for a few more days.
  10. Today M&M will be coming with its result. The result is expected to be weak.
  11. Yesterday FII sold for 501 cr and DII bought for 269cr. Now FII has started selling after many consecutive days of buying.