The index formed a small-bodied candle, but held above the previous close of 9,850 zone. On the downside, traders are advised to watch the 9,740 level below which selling shall resume. Hence, longs should be cut if the 9,740 level is violated.”On the options front, maximum Put open interest (OI) stood at 9,800 level, followed by strike prices 9,500 and 9,700. Divergent signals on daily and weekly charts will keep the market in a defined range with some volatility ingrained in the forthcoming sessions. Broadly speaking, the underlying trend remains intact.”The market will remain closed on Friday on account of Ganesh Chaturthi .

Source: Economic Times August 24, 2017 11:37 UTC