The market opened slightly positive today, but early signs of weakness were evident within the first five minutes. A significant negative cumulative delta of over -1000 and delta percentage beyond -25% indicated strong seller dominance right from the start. However, immediate action was not advisable until a key structural level was breached.

By 9:25 AM, Nifty Futures decisively broke below both the previous day’s Market Profile POC and Volume Profile POC, with no visible support until the previous day’s high, which added to the bearish tone. As the session progressed, the rotation factor remained negative, confirming that the market was not interested in sustaining higher prices.

Initially, 25,500 strike price showed strong Put Open Interest, but that started to unwind gradually. At the same time, Call OI started building up, a clear signal that market participants were shifting towards a bearish stance. Meanwhile, India VIX ticked up slightly, but stayed in the 12–13 range, keeping option premiums relatively cheap — not an ideal setup for short straddles or short strangles.

Today’s session was ideal for scalpers, especially those buying puts for quick, intraday profits. For positional traders, it was a flat, non-committal day — no significant M2M gains or losses. Importantly, buyers remained completely passive throughout the day, showing no signs of aggressive entry even during dips. It was evident they were waiting for the market to hit deeper support levels before stepping in.

Looking ahead to tomorrow’s weekly expiry, the tone appears muted. Despite the weakness, Nifty managed to recover mildly into the close, indicating that buyers are still not fully ready to drive the market up. If tomorrow’s market opens between 25,600 and 25,700 in Nifty Futures and remains within that range for the first hour, we can expect a sideways session. However, as has been the trend lately, expiries have rarely remained silent — volatility has become the new normal.