Nifty Daily chart.
Nifty may be range bound between 5372 to 5550. Indian Vix has to be closed above 22.89 for medium term down fall of the indian stock market. If we analyse the Indian VIX on weekly basis then it will take resistance at 22.89. Today it has closed above its support 18.32. Closing Below 18.32, Indian Market may take turn around for fresh bull phase towards 5616.
If we analyse Nifty option derivatives then it indicates that Call and Put are equally written for the current series. which will keep the market range bound. For future traders, it is best time to take long position if Nifty closes above 5372 within next few session. Otherwise selling pressure may be seen.
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