The GiftNfty shows a small cut for the open. Nothing that disturbs the present upmove. Signs of backtracking are visible in the tariff levies and yesterday’s tur was the auto sector. Predictably, most stocks from there rallied. It is quite probable that some of them may continue into today as well.

The Nifty is moving up with gaps and hence money is being made if you are long overnight. But in the current volatile times, c/f trades are proving to be difficult. Since the Vix is high, option premiums are high too. So, big option players are using the gap up to short calls at higher levels, hold the market steady, eat up the premium that falls swiftly during the day as we have only 3 trading sessions this week. Today no gap and hence adjustments of existing positions may happen. This could see movement emerge only in the second half of the day, possibly. We see that Put sellers are active as well as aggressive (selling ITM Puts too) and that betrays a bullish mindset. The succession of gaps lower provide good support points if there were to be pullbacks and that seems to have emboldened put sellers. Only some strong decline can trip up this activity. This is not foreseen.
51800/23200 are the low areas of yesterday and will serve as the nearest trailing stops on pending longs.
Icici Pru results were good and may see some action and possibly influence other insurance stocks as well. Tailwind presence here.
Among autos, Eicher, TVS Motor, Ashok Ley can be looked at.