FIIs net longs now at 32.4%, which as highlighted to be cautious from 40% – 2 sessions back. Sentiment for the day likely to replicate like yesterday- range bound to mildly positive.
NIFTY option chain reflects on 24000 straddle very strong and aggressive. PCR_OI at 24000 is way below 1 and 23900 is almost 2, which implies the importance of 23900/23800 zones. If holds then 24200/24500 can come otherwise 23200 zones will test in no time.
BANKNIFTY option chain reflects on 51000PE holding max exposure, with 53000/54000 call writers adding meaningful positions. Thus no decisive setup yet for the INDEX.
ACTIONABLE IDEAS:
NIFTY, risk takers maintain SL 23800 zones, look for TGTs of 24500, otherwise below 23800, gives a sell opportunity for 23500/23200 zones.
BANKNIFTY now support at 50800, only for risk takers. Safe traders avoid the Index for now.
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