01Market overview
"You don't need more information. You need the right information, here's what matters today."
"That's not a prediction. That's preparation. There's a difference, and that difference is your edge."
Today's setup: GIFT Nifty +82 at 23,664 signals a moderate gap up straight into 23,600 resistance, where 20 lakh calls are written. Post-expiry consolidation likely between 23,500 and 23,650. Brent crude pulling back from $104 to $102, constructive for India. Sectors to watch: Auto (Strong Buy), Finance (Strong Buy). Avoid IT. VIX at 19.00, fear is fading but the trend hasn't reversed yet.
02F&O positioning
"Sixteen years on these desks taught me one thing, the market always telegraphs. You just have to know where to look."
Yesterday's story: Nifty closed 23,581 (+172 pts), IV crushed 88% on expiry, VIX dropped 8.38% to 19.79. And for the first time in weeks, FIIs bought index futures (+₹1,247 Cr) while still selling cash (-₹4,741 Cr). A small number, but the first crack in the short wall. FII net short position reduced to 2,40,775 contracts.
03Options & GEX analysis
Post-expiry day is a digestion day. The market just moved hard, 23,500 broke, VIX crushed, bulls celebrated. Today the smart money asks: was that sustainable or just a gamma squeeze?
FIIs bought index futures for the first time yesterday (+₹1,247 Cr). Small number. But the first number. Watch if this becomes a trend over the next 2-3 days. That's when it matters.
23,600 is today's lid, 20 lakh calls sitting right there. Opening above it doesn't mean it holds. Wait for the first 30 minutes before taking fresh positions.
My bias: consolidation between 23,500 and 23,650 today. Auto and Finance for selective longs. Avoid IT. Sell premium if IV spikes at open.
Bulls won the expiry. Can they hold above 23,600?
04Sector watch
Crude pulling back from $104 to $102 is actually good news for India, reduces import pressure. Watch Energy sector for selective opportunities but don't chase.