From today's multi-view charts (taken at 13:30 IST), outlook for NSE:BANKNIFTY looks pretty clear in 3 out of 4 timeframes using ESI Indicator.
Combined with VIX, it becomes easy to identify whether to go Long or Short Options, in which direction, and for what timeframe.
Please check our previously published idea for an overview of ESI Indicator and how you can use it free for 7 days:
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The outlook for each timeframe should probably read: * Intraday * 1-2 days * 1 week * 2-4 weeks
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ESI works well as a short term indicator, however longer term movement involves "overnight/weekend" and "event" risks which cannot be predicted using any form of Technical Analysis.
So please take the multi- day/week outlooks with a pinch of salt.
Based on our backtesting and proven results, ESI is good for the short-term.