Global Cues: Wall Street has rallied over the last two sessions (+0.6%), supporting sentiment. Oil steady just below $68/barrel, keeping inflation worries contained. Gift Nifty signals a weak start (-65 pts). Domestic Cues: Nifty fell 255 pts on Tuesday, closing below its 20-DMA (24,739). The 50-DMA sits higher at 25,013 – making today’s expiry session crucial. August series expiry today; heavy OI built around 24,750–24,850 (2 Cr contracts). If Nifty sustains above this zone, sharp short covering possible. FIIs were net sellers in Index Options: Calls (+74,399) and Puts (+12,457) – indicating a bearish tilt. Nifty PCR at 0.72 vs 0.88 earlier – leaning oversold; bounce-back possible on expiry dynamics. Macro Triggers: US tariffs on Indian imports formally come into effect today. Street will watch for any trade dialogue or resolution signal. Demand trends ahead of the festive season and GST rate rationalization meet on Sept 4 remain key medium-term triggers. Stocks in Focus:

INDIGO

– Rakesh Gangwal to sell 3.1% stake; likely to see pressure.

EDELWEISS

– Large trade by Abakkus Investments; may attract interest. 8 stocks to be excluded from F&O from next series – could see unwinding pressure. 👉 Watch Levels: Nifty support: 24,739 (20DMA); below this, weakness may extend. Resistance: 24,850–25,000 (heavy OI + 50DMA zone) – expiry battle likely here. Short covering above 24,850 could trigger a sharp move towards 25,000+.

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