The Expected shorter term weakness in the market is short sustained and market showed strength in the second half of the session. Nifty Autocorrelation on the Daily charts turned positive signalling a trending upmove in the following trading session. One should keep an eye on autocorrelation. Trendy move could end if autocorrelation turns negative.
Both Nifty and Bank Nifty are still showing overbought levels but still the highertimeframe daily continues with good strength. on the Options side 8400PE shows put writing indicating a possible support around 8400 for the current expiry. And the Weekly Support for Nifty and Bank Nifty futures coming around 8522 and 18310.