Index References & View - 1st Feb 2021
Since the trend is down, I expect the 1st move to be down during the day today post announcement. The first half of the day should NOT be used today to buy options as there is going to be a good IV crush which won't allow long options to make money today.
Index needs to give a failure on downside to build an up move, I will be keen to watch Index hit a support reference today and look for reversal trade from there to upside in 2nd half. Follow risk management at all times, above is just my expectations from the day today.
Nifty references - 1st Feb
BankNifty references -1st Feb