🧭 Chart:
- NIFTY formed a bullish harami, a possible reversal sign, but needs confirmation with a higher close on Thursday.
- BANK NIFTY printed a harami cross—a stronger version of a harami, hinting at indecision and a potential pivot.
- However, weekly candles for both indices lean bearish harami, which could spell trouble if Thursday fails to confirm strength.
🧾 Option Chain:
- 24,800 has become a battleground with both put and call writing—tug-of-war territory.
- 25,000 still holds as stubborn resistance with heavy call OI and limited unwinding.
- Support is forming near 24,800, but not yet rock-solid.
⚖️ PCR (Put/Call Ratio):
- Overall PCR: 0.6 (mildly bearish)
- ATM PCR: ~0.8 (neutral-to-slightly bullish)
- Reading: Mixed sentiment. Neither bulls nor bears are in full control.
🧩 Participant Option Data:
- FIIs: Long both calls (13K) and puts (20K) — hedged, not directional.
- Pros: Bought calls and puts aggressively — preparing for volatility.
- Clients (Retail): Sold more calls than puts — possibly betting on range or downside.
- Interpretation: No clear directional bets yet. Smart money is sitting on the fence.
🔮 Participant Futures Data:
- Latest data not published yet.
- No major futures bets confirmed. Watching Thursday’s release for clarity.
💰 Participant Stock Data:
- FIIs bought ₹2,000 Cr in the cash market.
- Positive sign — indicates risk-on mood despite global jitters.
- DXY flat, gold recovering, and oil showing signs of exhaustion with a shooting star candle.
✅ Verdict:
Market is sitting at an inflection point. Bullish harami on the daily needs confirmation on Thursday. Weekly candles still warn of a possible reversal.
Until then, expect choppy sideways action with sharp intraday moves.
💡 Trades (Not a Recommendation):
- Straddle at ATM could work if IV expands or wild swings continue.
- Light OTM puts might offer tail-risk protection if harami fails to hold.
⚠️ Note: These are just observations. Manage risk smartly.
🧵 Conclusion:
- Bulls showed signs of life, but bears still control the higher ground.
- 24,800–25,000 is the key zone to watch.
- Thursday will make or break this short-term reversal hope. Stay alert.