Nifty Hourly Charts
Spot Nifty is in positional buy mode on the hourly charts since 9th May and Bank Nifty in buy mode since 22nd April. Currently the support zone comes near 7153 and 14628 respectively. Reverse your position to sell mode if the support zone breaks on the hourly charts.
India VIX hourly charts
India VIX maintains positional sell mode since 13th May and the current resistance comes very close too 26.07. India VIX will turn to positional buy mode if the resistance breaks on the hourly charts.
Post Election results India VIX came down drastically below sub 20 levels. Which probably makes to think about a possible sideways market in short term.
Open Interest Lookup
As of now 7400CE,7500CE and 8000CE has the higher open interest which indicates a possible resistance at 7400 and 7500 for the current month. As Nifty Responded with a sharp reversal from the high on Election Results Event once can conclude that smart money started shorting 7400,7500 and 8000 and eating away the huge premium at those strike prices.