Nifty futures made a inside bar on the weekly timeframe despite continuing global tensions, global market corrections, FII selling in index futures and cash segments and local events like Mr.Vishal Sikka resignation from INFY which is a strong indication that sellers are not aggressive yet compare to the aggressive buyers.
Coming Monday the same sentiment will be carry forwarded. Despite on-going negative sentiment, if the price shows positivism then it could leads the path to one more leg of trend reversal towards 9940 levels and 10117 by the expiry week. Daily timeframe indicator sentiment continues to be positive which further requires price acceptance above 9853 levels for the short term uptrend to continue.
Nifty Options Aug Expiry – OI Lookup
Option writers are active at 9800PE and 10,000CE which ensures the price to trade in a 200 point range for the next week. 10,000 will be acting as a intermediate resistance for next week. Last week of expiry if the price sustains above the 10,000 psychological mark one can anticipate a test towards 10117 and higher levels. Volatility is much improved which could bring more intraday trendiness and better zones to play trend following systems.