Trading one day before Expiry.
Today it should be a NO Trading day because the Premium consolidation will normally continue. MAX Pain still at 5900.
So if you get NIFTY around 5950 - Sell and if you get NIFTY around 5850 - Buy. Otherwise avoid trading
The OAT tool suggests the PIVOT at 5941 - So try selling around 5940. That does not mean Buy for 5940
One more observation is the INDIAVIX has not moved anywhere but the IV for CE and PE has gone up like anything, which only suggests that the Options Selling is going on. Wait for the Options IV to come down to Buy Options. Otherwise stay in the Options Credit spreads. The 5700-6000 pair taken at 36 is now 12. So 66% of premium gone in just two days.
To give an idea on the IV, On Monday EOD the AVG CE IV @ 38.2 PE IV @ 21.9
today morning AVG CE IV @ 49.1 PE IV @ 32.1
This also suggests that Calls are being SHORT more. so the market can Expire below 5900