Nifty and Bank Nifty currently trading very close to its all time high made on the Union Budget 2014 event 7809 and Bank Nifty made a All time high around Election 2014 results 15742.
Nifty and Bank Nifty on the hourly charts turned to positional buy mode with the support zone comes near 7570 and 14951 respectively. Reverse your position to positional sell mode if the support zone breaks the support on the downside(hourly basis)
Currently Nifty Options Open interest built up is still greater at 8000CE. However currently active put writing happening currently in 7500PE, 7600PE, 7700PE. Option writers very strongly believe that Market might close above 7700 for the current option series.
India VIX Hourly Charts
India VIX on the hourly charts trading currently below 15 levels and maintains the low volatility season and also maitains the positional sell mode. Reverse the position to positional buy mode if the support zone breaks downside on the hourly charts