Last week Nifty had lost 0.45% last week. Banks are the biggest losers, Bank nifty sheds more than 362 points last week.
Fundamental News release for this week
Industrial production data for June and Inflation based on consumer price index (CPI) would come out on August 12th. Data for inflation based on wholesale price index (WPI) for July would come out on August 14.
Nifty hourly charts
Nifty and Bank Nifty hourly charts maintains the positional sell mode. Currently the resistance zone comes very close to 7733 and 15203 respectively. Reverse your position to positional buy mode if the support zone breaks on hourly basis.
Bank Nifty Hourly Charts
India VIX Hourly Charts
India VIX still maintains the positional sell mode since mid of july 2014 and currently the resistance zone comes under 15.86. Any breakout would like to show increased volatility in the market. Currently no much significant movement in India VIX.
Nifty Options Open Interest
Currently both 8000CE holds equal amount of open interest indicates option writers are expecting nifty to show volatility and it could trade in the range of 7300-8000 range. Lot of Volatility expectation from option writers for current month expiry and nifty likely to close below 8000..