We are currently in the start of Nifty Jan 2017 Series. 8000PE writers are showing good open interest builtup. On the Call Side 8200CE has the highest open interest and it is likely to be the intermediate resistance zone. However market range could be likely in the range of 8000-8500 zone for this expiry series. India VIX is currently at 15.28.
Post the Long Term Capital Gain rumors markets had done a massive short covering from the lows.