So we are done with a major event now. BJP lost all states but analysts are saying that loss was not severe and they can still perform good in 2019 elections.
Government was quick to announce Shaktikant Das as new RBI Governor. Last time it took more than 1 month.
Last three days, we closed between 26100 and 26200, which means we are in a sideways phase.
Despite OPEC's oil cut, crude oil hasn't rallied much.
Rupee is back to heights which at ₹72.32 and can go sideways or up from here depending upon global factors and might not be good till it comes down.
On Daily charts, we do not have any trend on Nifty and Bank Nifty. Neither on 30 minutes chart. We can sense a bearish trend on 2 hourly charts and price is at a retrace.
Pain for Nifty and Bank Nifty moved down in last few sessions, suggesting bearishness in market.
PCR for Nifty is neutral and for Bank Nifty it is bullish.
Nifty Future witnessed short covering whereas Bank Nifty witnessed longs being added.
Put writing was more on Nifty and Call writing was more at Bank Nifty across all strikes.
Conclusion: We have contrasting data in terms of trend right now which means trend is sideways, volatile with bearish bias. I would like to take some Call Calendar after 11:00 am once market has settled a little and there is clarity. It might be possible that I skip trade all together.