📊 Chart:
- NIFTY formed a quasi-bullish harami near the 24,500 support zone, signaling a potential short-term bounce.
- BANKNIFTY confirmed yesterday’s bearish harami, showing weakness at the top.
🔗 Option Chain:
- The OI is completely balanced—a rare, confusing spread.
- Key resistance at 24,700–24,800, support near 24,500–24,600.
- No clear winner yet—feels like both bulls and bears are hedging more than attacking.
⚖️ PCR (Put/Call Ratio):
- ATM PCR near 0.7, slightly put-heavy but mostly neutral.
- A sentiment tug-of-war—no directional clarity.
🧑💼 Participant Option Data:
- FIIs + Pros are turning bullish:
- FIIs bought both calls and puts, but put buying was slightly higher—hedging a bounce?
- Pros aggressively bought calls and sold puts → bullish intent is clear.
- Clients were net bearish—sold calls and bought puts, betting on a dip.
Summary:
Big players are building upside exposure. Retail? Nervous and defensive.
📉 Participant Futures Data:
- FIIs still net short, but added small long exposure (₹250 Cr in index futures).
- Nothing heavy, but direction has turned mildly positive.
- DIIs continue holding longs.
💰 Participant Stock Data:
- FIIs bought ₹930 Cr in the cash market → that is a solid risk-on signal.
- DIIs were quiet.
🧠 Verdict:
- The charts are mixed, but the derivatives data leans bullish.
- Looks like a bounce setup, but we need tomorrow’s close above today’s for confirmation.
- Until then, it is a watch-and-react market—not a chase-one.
💡 Trades (Not a Recommendation):
Bull Put Spread near 24,500 for this week’s expiry could work if today’s lows hold.
Avoid call buying—resistance at 700/800 is too stiff.
📌 Safer to wait for a clear close tomorrow before deploying any directional trades.
🧾 Conclusion:
- NIFTY is showing early signs of a pullback, while BANKNIFTY remains under pressure.
- Derivative data hints that smart money is preparing for upside, while retail is still fearful.
- Caution for now. If bulls confirm the harami tomorrow, a quick rally may catch bears off guard.