As I said y'day the M pattern will visible Nifty broken the trend line and y'day it confirmed. But BNF is still bullish. Now 11770-11750 will be the next stop downside is opened. It is now 5th day FII added Index short & cover Long. So I suggested to have OTM put to protect Longs.
FII added 4k Shorts & Covered .6k Longs. In Stock futures FII Cover 2.5k Longs & 4k Shorts. In options no such data to predict. But Pro added put long 10k & call short 52k (⚠️) 20k Call Long & 25k put short is showing again 11850 will be act as strong support. Now which index pull which one on which side ?
Don't miss to Trade Range Breakout whenever it comes.
We are still bullish on BNF & avoid NF. Now BNF will move by PVT Banks & PSU Banks so keep eye on OCA to get the build-up.