Today we observed dead cat bounce after yesterday's sell out, OI data suggest call unwinding and addition puts at 17000, it could be based on reversal rally. one shouldn't take upside position until it holds above 17000, 16900-17000 level imply crucial resistance. We are in a state of conundrum, that can be seen through doji formation at daily time frame.
Suggestion : 1. To wait for nifty to hold upside above 17000 if you have bullish view 2. If it goes below 16700, take bearish trade