FIIs are being cautious due to indications of long unwinding and a tight trading range in the F&O market. The Nifty index needs to maintain a critical support level of 24,100 to avoid a deeper correction, with immediate resistance seen between 24,350 and 24,400.

The Nifty closed at 24,194.50, showing a slight decline of 0.11 percent, while Nifty November futures dropped by 0.23 percent. The put-call ratio for the November series has decreased to 0.95 from 1.03, indicating a change in market sentiment. The long-short ratio for index futures has also decreased to 34.89 from 36.74, suggesting that FIIs are reducing their long positions. The cumulative open interest across various series has fallen by 1.64 percent, further highlighting the trend of long unwinding in the market.

Traders are advised to closely monitor these levels as the market adjusts after the state election results, which initially caused excitement but now seems to be entering a more cautious phase.