Market moved totally contrary to expectations! We discussed yesterday that bullish views was the consensus across the board and perhaps that is why the lack of follow thru? Be that as it may, fact is that Nifty fell from the first of the 5 min candle. This led to call writers coming out swiftly while Put writer fled. The attached chart shows clearly that Put OI decreased yesterday and that shows that there are enough skeptics out there still about the market trend. Since the last 3 days saw about 600-700 point rise, they reckon, there should be a reaction, or at least a consolidation. Well, they are acting on their conviction but question is, are they able to create any price damage? I dont find that to be the case. Three heavy weight stock have actually taken the Nifty down. The large OI at the 25500 PE has halted the dip. Doesnt really seem like any sustained selling. The broad market was steady anyway. So, as mentioned in earlier posts, declines are to be bought. But it should be noted that heavy OI builds at 25600 and above strikes will also make smooth moves higher difficult. The stock chart shows that there are enough price pivots beneath to create supports as well.

Both NF and BNF are on a WellSet bull set up in Neotrader. The NF got upended a bit with yesterday trading but the BNF still seems comfortable. But if NF climbs back above 25685 and sustains, the slight bearishness that emerged yesterday will be erased. So, that is the level to watch for today. It will then take a day or two further to get back on its feet, however. But the BNF needs to get past 57660 to just continue its already existing uptrend. So, as mentioned earlier, it continues to be a better index to trade compared to the Nifty. If that occurs, then the BNF is a fresh buy with 57580 as stop. Looking at the Ichimoku Trend scores from Neotrader, we find the BNF with high scores for Multiday and Positional plays with only Intraday scores receded. In comparison, NF scores well only in Multiday as yet.
Hence we can conclude that the BNF is undergoing a short term pullback in an uptrend whereas the NF is still putting together a rise that is yet to take hold.

Continue with a bullish mindset. Look for buying opportunities during dips in index and stocks. There is good news in the form of higher collection of tax revenues. According to data released by the Controller General of Accounts, gross tax revenue rose by a solid 12% in April–May 2025 compared to the same period last year. This should help stabilise sentiments.