Bulls won the expiry. Can they hold above 23,600?

Yesterday's story: Nifty closed 23,581 (+172 pts), IV crushed 88% on expiry, VIX dropped 8.38% to 19.79. And for the first time in weeks — FIIs bought index futures (+₹1,247 Cr) while still selling cash (-₹4,741 Cr). A small number, but the first crack in the short wall. FII net short position reduced to 2,40,775 contracts.

Today's setup: GIFT Nifty +82 at 23,664 signals a moderate gap up straight into 23,600 resistance — where 20 lakh calls are written. Post-expiry consolidation likely between 23,500 and 23,650. Brent crude pulling back from $104 to $102 — constructive for India. Sectors to watch: Auto (Strong Buy), Finance (Strong Buy). Avoid IT. VIX at 19.00 — fear is fading but the trend hasn't reversed yet.

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