Market Structure and Behavior

From the opening bell, there was no sign of aggressive buying or
selling. As a result, both delta and cumulative delta remained
neutral, showing no strong directional interest. The market bounced
back from yesterday’s high delta line but got rejected near
yesterday’s Point of Control (POC) as per Market Profile, indicating
indecision and lack of institutional participation. The Rotation
Factor was also zero — confirming sideways market behavior.

In the first 15 minutes, Nifty was stuck between the yesterday’s POC
and yesterday’s high delta line. My proprietary indicator confirmed a
range-bound day, aligning with the weekly expiry pressure building up
toward Thursday. The India VIX was slightly elevated in the morning
but started cooling off quickly, further supporting the expectation of
low volatility.

 Strategy: Short Straddle Execution

Given the flat setup, I initiated a short straddle at the 25500
strike, with the combined premium of call and put around ₹250+. As the
market slowed down and VIX declined, theta decay began working in our
favor. Within 2 hours, the straddle premium dropped by nearly ₹50,
locking in a solid profit.

There were no signs of any breakout or aggressive directional
movement. The Open Interest (OI) data also didn’t show any significant
build-up. The price action was clearly sandwiched between key support
and resistance levels, offering no edge for buyers, either on the call
or put side.

Sensex Expiry and Hedging the Overnight Position

Today also marked Sensex expiry, and just to manage risk, I decided to
hedge my short straddle since I plan to carry the position overnight.
My hedge was placed with slightly Out-of-the-Money (OTM) options,
which may reduce my profit slightly — but risk management always takes
priority.

If tonight Gift Nifty remains quiet and there’s no major global
trigger, we can expect another calm opening tomorrow. However, after
12 PM tomorrow, the market could see some selling pressure as larger
players step in to take advantage of final theta decay before expiry.

Technical Reference Point – TPO Count

A notable observation from the Market Profile chart of Nifty Futures:
the TPO count at the 25640 level is 13. A TPO count above 10 is
generally considered a strong reference point, acting as both support
and resistance. This adds more confidence to today’s analysis that the
market was trapped between strong boundaries.

Final Thoughts

In summary, today’s market was a seller’s delight — especially for
those using non-directional strategies like short straddles and
strangles. The price opened and closed almost at the same level, with
no shocks or surprises. It was a textbook sideways market, and those
who stayed disciplined and focused on data likely walked away with
consistent profits.