Nifty Futures currently trading in a broader consolidation range for the entire august month and the September series contract is still trading in the broader range between 8575-8800. Overall Market mood is not so far benefiting the trend followers. Choppiness is again expected on Monday. However price trading and maintaining above 8600 indicates a possible continuation of the range 8575-8800.
This consolidation is so far dominated by shorter timeframe sellers and short covering against these sellers are so far missing in the markets.
Currently Open Interest Maintains the market range of 8500-9000.
India VIX is currently trading at the lower edge. Low VIX indicates lack of fear about the downside in the market. Overall stock specific longs are preferred if nifty futures maintains below 8600.