This is the third consecutive week nifty is making negative returns on weekly basis and closed below 5EMA(high) on the weekly charts which implies further weakness in nifty on shorter term and the shorter term weekly support comes around 7348 which is nothing but 5EMA(low) on the weekly charts for more info on 5EMA high-low EMA Strategy visit .
Nifty Spot Hourly Charts
Nifty and Bank Nifty hourly charts is in positional sell mode on the hourly charts and currently the resistance zone comes around 7663 and 15442 respectively. Reverse your position to positional buy mode if the resistance zone breaks on hourly charts.
India VIX Hourly Charts
India VIX on the hourly charts maintains the buy mode and one can expect the volatility in the market to continue as long as it holds above the support zone 16.93
Nifty Option – Open Interest
As of now looking into the open interest built up picture is meaningless but still the snapshot below.