The sell on rally viewpoint would have worked out yesterday as the higher levels got slammed and prices ended below the open. Now today Gift Nifty shows a possible upside start. This reaffirms the view that I have been suggesting of taking profits off the table when you see some. There is just no consistency to the trend for now.
Now 24600 sets up as the nearest resistance to overcome for making gains.If I draw a pitchfork, the median line is placed around there. Top channel is 24660 so that is the area to consider shorts, if conditions warrant it.
If previous day low gets violated, then the decline continues. At 24530 on Nif futures, we should see an equal length decline of the first leg of the fall from 30th June. So, this could be a support area for today, especially if prices start off higher. A Schiff Pitchfork is also placed around that area. So, for today I would be looking to cut shorts, if any, in that zone.
PCR reversed quickly and was down to 0.65, implying lots of call shorts. This is seen down to 24600-700 strikes, adding to the resistance in that zone.
For Bank Nifty 55225 would be pitchfork support while 55350 the median line and 55470 the top channel
Note that the pitchfork levels are moving levels as they are computed on 5 min charts so the levels mentioned are indicative. What you need to do is to look for candle patterns as and when those levels are reached.

The persistence of alternating moves across days would dictate that we not have any pre-decided moves in mind and instead, use market generated information to plan our trades and execute them. For this, Neotrader picks would be your best bet, as those stocks are picked and tracked without any emotion, like an AI engine.