Market was going along expected lines and hitting the skids when it suddenly found new legs. Sharp rise started and didn’t halt till the close of the day. The near vertical rise was mimicked by Bank Nifty as well and everyone kept wondering why. Not that anyone was unhappy, mind. Ostensibly, it was some developments on the Russia front with India that produced the rally. But given that it was expiry day, there would have been a good chunk of short covering too.
We are still shy of the two levels mentioned on the earlier day (24850/56350). We should check whether that happens today.
Today’s important levels for judging the day is a range between 24580-24750. Bank Nifty initial resistance for today would be 55900-950.
For the next weekly expiry, the PCR jumped to 1.03, so the situation is a bit neutral but Put shorting is seen, revealing an upward bias. Not much change in FII index shorts.

Such swift moves makes it difficult to make some sustained money from Indices, even with short options. So, it is still best to go with individual stocks, where, the overall positive sentiment (longer term) is ensuring that good results are being rewarded.

Yesterday two results from Insurance sector were positive. This might keep the stocks from the sector in action. Towards the end of the day, we saw some action return to TVS Motor. Expect that to carry thru into today.
For active traders, a mix of short and long trades would be advisable.