Interest in India remains busy though, yet FDI is waiting on the wings, PE tired of being called hot money as new tax provisions cover FIIs and domestic Angel investors for a 30% tax/STCG which ever applies.
Rupee has correctred sharply by almost 1% and yields are barely holding at above 8.5% but the ?month’s IIP numbers are much better with Infra growing 6.8% in Feb and 4.4% in 11 months of the Fiscal. Coal and Electricity production are also back. IIP is due on April 12
The rally is unlikely without Infra and banking stocks but the option of buying banks is somehow adversely related to current economic reports from India
So it seems the rally will be from closer to 5000 on the index, do not be in a hurry to buy that call spread, in fact market looks 9riskily) close to staying in a range so if you go log calls and puts you might lose the premium