Fresh Call writing was seen at strike prices 10,200 and 10,100 while Put writing was witnessed at strike prices 10,100 and 10,000. Option data suggested limited upside as well as the downside, as the index got stuck in a trading range with option writers keeping their grip.Now, if the Nifty50 slips below 9,980 or holds above 10,120, only then may we see a change in the options scenario and see a trigger for further momentum in the market.The Bank Nifty had a choppy session, as it traded in a range of 140 points. However, it was holding comfortably above the previous day’s candle, but followup buying was missing to help it surpass the 25,000 mark. As per the Bank Nifty option band, the trading range could be between 24,800 and 24,200 while a range breakout could give it further direction.India VIX moved up 4.43 per cent to 11.89. The overall volatility below 12.50 is keeping the market undertone bullish.Long buildup was seen on the counters of Britannia Apollo Tyres , Arvind, Jet Airways Jindal Steel , SRF, Marico, BPCL and Bajaj Finance while shorts were seen on the counters of Bharti Infratel, Dish TV Sun TV and Dr Reddy’s.

Source: Economic Times August 07, 2017 11:04 UTC