Market snapshot (pre-open)

Nifty (spot): ~24,424 (pre-open reference).
GIFT / SGX Nifty (premarket): signaling a slightly higher open, around 24,48x — suggesting a mildly positive start for Indian cash markets.

Technical bias — support & resistance (intraday / short-term)

Immediate support: 24,200 — 24,000 (first cluster / intraday support).
Key resistance: 24,700 — 25,000 (25,000 is a psychologically important level and a heavy call interest zone).
Bias: Neutral-to-cautious. Expect intraday range-bound action with the chance of sharp moves if derivatives positioning triggers short covering.

FII / DII cash flows (latest day): FIIs were net sellers (~~₹ -4,997 crore) while DIIs were net buyers (~~₹ 10,864 crore). The pattern this week: FPIs selling while DIIs provide support.
FII futures positioning: FIIs are meaningfully short in index futures — a clear short-bias in their futures book. That raises the potential for volatile short-covering moves if price breaks key levels.

Net structure: a high short ratio in index futures — more short contracts than longs from FIIs. Market impact: increases probability of abrupt rallies on short-covering, or sharp falls if selling resumes.

Call OI concentration (resistance): largest call interest clustered around 25,000 (and nearby strikes like 24,900 / 24,800) — forms a resistance band.
Put OI concentration (support): sizable put interest around 24,000 — 24,600 — provides a support zone.
Net read: max-pain / heavy OI sits in the mid-24k region; a decisive move through the call-OI band would likely accelerate a short-covering rally.

A mix of Q1 results landed this morning: LIC, Titan, BSE, 3M India (and a few mid-caps) reported earnings — overall tone mixed-to-positive with some beaters supporting market sentiment.
Macro & geopolitical headlines (trade policy and tariff chatter) continue to be the background risk that can override corporate beats on volatile days.

US trade / tariff headlines and Fed governance / nominations remain the primary cross-border risk. Any fresh tariff actions or headlines can trigger outsized swings in global and India flows.
Domestic flows (FII selling vs DII buying) and F&O positioning are the immediate drivers for intraday volatility.

No major headline US macro prints scheduled for tonight. The near-term US focus will be upcoming CPI and regional Fed surveys later in the week — but tonight’s session should be primarily driven by headlines and earnings rather than a scheduled high-impact economic release.

Opening gap vs GIFT/SGX Nifty: gap above 24,700–25,000 with volume → likely short-covering momentum. Gap below 24,200 → test of put-OI support and possible mean reversion.
FII futures flow: early signs of FII short-covering (drop in short OI) can fuel quick rallies.
Price behaviour around OI bands: how Nifty acts at the 25,000 call-OI cluster and 24,000 put-OI cluster will define the intraday bias.
News headlines: tariffs, Fed-related updates, and big corporate announcements — any surprise here can override technicals.

Tone: cautious. DIIs are buying but FIIs remain sellers and are structurally short in futures. That creates a two-way market with a higher probability of sharp directional moves (short squeezes or gap-downs). Trade with defined stops and size accordingly.