The start was ok but the finish was not. In fact Bank Nifty finished poorly, near the lows and that is not a good situation. But so long as these remain intraday trends and dont spill over to the next day, this choppiness ought to continue. For those who were expecting the war to end quickly, there was no positives. Houthis were seen becoming active so Israel bombed Yemen too! It is near Iran anyway so it is not like they are opening a new war front.

Premium decay was swift in a down biased market, especially in Bank Nifty. Here call writing increased while Put longs look to have been added. So, decline here may see some acceleration. 56000 remains the pivot level as both Calls and Puts have the highest OI in here. Notably, the large Put position there as well which may get pressured if prices go lower. So Bank bulls be on the alert today. On Nifty, the short calls have worked their way down to 24800-25000 strikes and there was hardly any Put shorting (in fact there was a lot of shedding)

If the Bank Nifty moves lower, it can drag the Nifty down a bit with it. If that is not to happen then the other heavies will have to participate and do so with some gusto. So watch those as well for some savior action. IT could be one of them. Pharma could have been one but the latest Trump tweet has put a cloud on that as well. Defence is doing well, stock-wise. But this is an over-owned and popularly pushed sector and I would suggest not getting into them just because there is a war on and some new orders may trickle in somewhere. More exuberance here than real stuff.