Market snapshot (pre-open)

• Nifty (spot / early trade): ~24,400 — 24,430 (mildly positive start).
• GIFT / SGX Nifty (pre-market): signalling a slightly higher open in the mid-24.4k area — suggesting a cautiously positive open for Indian cash markets.

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

• Immediate support: 24,200 — 24,000 (recent intraday lows / put-OI cluster).
• Key resistance: 24,700 — 25,000 (25,000 is the psychological/derivatives resistance band).
• Bias: neutral → cautious. Expect range-bound to two-way trade unless price decisively clears the heavy option-OI bands.

Flow & positioning — FII / DII (latest trading day)

• Latest cash flows: FIIs and DIIs have been alternating flows. On recent sessions FIIs showed mixed activity (a notable net seller day ~₹-4,997 crore), while DIIs have been steady buyers (examples of strong DII buying ~₹10,864 crore on a session). This DIIs-support / FIIs-pressure pattern is the dominant domestic theme.

FII long / short in index futures — structural picture

• FII futures positioning: FIIs remain meaningfully net short in index futures — a structural short that increases the odds of sharp short-covering rallies if price moves above key levels. Monitor early session futures flow to spot any covering.

August option-chain read (high level)

• Call OI concentration (resistance): largest call interest sits around 25,000 and nearby strikes (24,900 / 24,800) — forms a resistance band.
• Put OI concentration (support): put buildup around 24,000 — 24,600 — forms the main support band.
• Net read: max-pain / OI bands sit in the mid-24k region; a decisive breakout above the call-OI cluster would likely trigger quick short-covering momentum. (Checked live option-chain snapshots for confirmation).

News & corporate results (in focus this morning)

• Corporate earnings: Q1 results flow continues — notable prints recently include LIC, Titan, SBI and other financial / consumer names. Results mix is slightly positive on stock specifics (SBI saw a strong beat and analyst upgrades), but macro headlines (tariffs / trade) are overshadowing some beats.

Macro / headline risk (what’s moving markets)

• US tariff headlines remain the main external risk — tariff developments and trade-talks are keeping investors cautious and driving episodic volatility. Any fresh escalation or easing on tariffs will move risk appetite and flows quickly.

US economic calendar (tonight / India time)

• Tonight: no major scheduled US high-impact macro print for this evening — markets will instead react to headlines, Fed-related commentary, and US earnings flow later this week (CPI is due on Aug 12 local US time). Keep an eye on overnight US tech earnings and Fed commentary for directional cues.

What I’d watch in today’s session (quick trader checklist)

1. Open vs GIFT/SGX: gap above 24,700–25,000 with volume → short-covering momentum; gap below 24,200 → test of put-OI support.
3. Price behaviour at OI bands: watch how Nifty acts at 25k calls and 24k puts — that will decide the intraday bias.
4. Headlines: US tariff news or major corporate surprises can override technicals — stay nimble.