"On the options front, maximum Call OI was seen at strike price 9,000, followed by strike price 8,800. A drop in open interest along with an increase in price generally indicates short covering.Strike prices that saw a drop in OI and an increase in prices include 8,700, 8,600, 8,500, 8,650 and 8,800. The Nifty50 reclaimed its crucial resistance level of 8,700 on Monday helped by short coverings by traders as well as buildup of long positions, options data showed. "The Nifty50 PCR ratio for Monday was recorded at 0.98, which has expanded from its previous close of 0.72. If the index starts trending lower, it will have a strong support at 18,500," he said.

Source: Economic Times August 09, 2016 05:37 UTC