FIIs net longs now at 76%, which if sustains then can go 83%…. Setup for the day outright bullish.
NIFTY option chain reflects on 26000 zones holding max CE writers, with 25600/25700 PE writers very active as well. PCR_OI at 25700 just above 1, which should be the support zones to go long.
BANKNIFTY now 54000CE hold the resistance, with PE writers very aggressively adding positions on immediate OTM strikes. Setup up is bullish, with next Targets towards 56000 zones very likely.
ACTIONABLE IDEAS:
NIFTY : BUY on declines till 25700, TGT 26100 zones
BANKNIFTY: BUY on declines till 53500, TGT 54300/54500/55000 zones