Gift nifty is not showing any follow thru this morning. So, seems like the alternation is likely to continue.
Positive signal coming from the charts is a Range shift signal on daily Rsi chart of NF but same is not visible yet on the BNF. Of course this requires a lot of work to build on and therefore the attempt to stem the six-week decline is a welcome sign. For that to remain intact, NF has to remain above 24550 on close basis and then of course the weekly low so far at 24400 area.
Yesterday saw brisk shorting of Puts into 24600 strikes and below and minimal changes in call shorts. This has moved the PCR back to 1 levels and hence the trends seem to have lost the bearish edge that it carried two days ago. The main call shorts are at 25000 but it is quite possible that those are being used, currently, for margin adjustments. Hence would not shift the resistance to those levels just yet.
FII index shorts continue around 1.82L contracts so there seems to be no changes on that front. This is the area where you will see action if there is some serious short covering. Till that is not seen, all rallies may remain short lived.

Results season is more or less ending. Nothing exceptional emerged either way. So, stock specific movements emerged. If you check the MF buys and sells, it seems to be all over the place.
Nothing is too clear right now. Hence treading carefully is mandatory. Eschew adventure. We have a long weekend and Trump gets active during holidays! Even if levels are being challenged, let it ride for now. Market is still going to be there on Monday.