We have often seen the Market making big moves to the opposite side of an unfavorable event. The Rally after so-called disappointing Budget is such an example. The majority of traders considered the Budget as the trigger for the further downside. But Market rallied taking support at 200 at 11630 to 12160. Those Who shorted on the budget day market didn't give a chance to cover short and rallied more than 500 points.
Nifty and Banknifty Weekly option is highly traded instruments. A lot of traders buy puts and write calls in weekly expiry. But The Weekly expiry after the budget was not favorable for put buyers and short sellers. They got squeezed in weekly expiry after the budget.
Market Rallied till the weekly expiry and after that giving up gains on Friday and Today, suggesting short squeeze is done.