Looks like the FII's have shorted the index heavily yesterday, be careful while going long as the market may go further down. It is better to spot weak shares and short them.
Follow-up of ZEEL option data: Yesterday we got good shorting opportunity in the stock. However in the later part of the day, the stock recovered and made a new intraday high of 273.50 The option data shows the same story as yesterday unwinding of long positions, see the levels marked in RED.
We will now wait for the stock to show weakness at higher levels and start shorting again. A word of caution... when you short, keep your profit targets small as the addition of 270 PE open interest shows that 270 will act as interim support and the bulls may not allow it to break so easily.
P.S: THOUGH IT IS AT 52 WEEK HIGH, DO NOT BE TEMPTED TO BUY THIS STOCK.
Happy Trading !!!