This weekly expiry has been nice for a call seller. The rally of Monday gave the premiums some heft and since then it has been a downhill journey for the rest of the week. All better starts were sold into promptly and even if you were a day trader, you got to cover it by the end of the week. Directional trading didnt work in either of the main indices. Nifty future has made, by now, several bottoms near 24600 while the 25100 area is proving difficult to crack. That makes an ideal turf for strangle sellers for the coming weekly expiry if matters are to continue this way. Only beyond this band should we look for directional possibilities. Bank Nifty though has been less ranging but nevertheless, it has been pushed back into its prior range. The important trigger point of 56000 was attempted a few times during the past few days as well but that too has held. It is at a critical stage in its trend right now. Below 55500, the trading range breaks.

Another weekend is coming upon us and the Iran matter remains unsolved. As usual, people will not choose to carry forward positions. 24800 seems to be holding max positions and will act as a fulcrum ahead. Call shorts continue to dominate so going will be tough unless short covering emerges. In BNF too where call shorts were not so dominant, that is now the situation. So a short term bearish tilt has emerged. If below the lower end of the range, then the large short position at 56000 Pe will create a crack.

Have seldom addressed the Midcap Nifty index. But yesterday, that one cracked badly, setting up a possible scenario of further decline. Suggest taking money off from small and midcaps if accumulated recently. Also, tighten stop on holdings coming from earlier. Something not quite OK here. Short the future and hedge it with a higher call.

On Neotader, big shift to Wellset Bear indicates a change in trend. The breadth was decisively bearish across sectors. Adani group stocks appear set to decline some more.