Crude Oil has started trading above $70 which is a concern. Any further upside and it will be all over news. If dollar strengthens to ₹70 then it will add to worries.
Yesterday's major news event was release of BJP Manifesto. Markets did not like it yesterday. We will have to wait and see if market reacts to it today or not.
India Vix shot up to 20 by more than 10% at one point due to increased uncertainty over who will form government. Things are not so easy for BJP and market may be factoring that in.
PCR is bearish for Nifty and Bank Nifty. Pain is also moving down.
Call writing was visible on Nifty and Bank Nifty with little put writing.
I am trading with a negative bias. Earning season will start from Friday post expiry after which we will have some volatile move. Until then I expect action to remain subdued.
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