FII derivatives positions analysis, Nifty PCR- 1.6 highly over-bought.

Significant short covering is seen in both the indices and put writing in Nifty, which will lead to a volatile expiry tomorrow, so try to allocate the capital slowly as the OI gives a precise movement. Remember that since the India VIX is Low the options prices don't have much premium left, so the movement of the options prices will majorly depend on the Intrinsic Value, if they are going to expire as ITM or not. So choose the ATM or ITM strike prices for a directional move and the approach should be purely scalping for tomorrow as the session may turn volatile according to the OI data.