Nifty Options writers for this expiry are active at 8400PE,8700CE,9000CE strikes. Nifty has a series of Intermediate Resistance Zone above 8700. Also sequence of events Union Budget, State Elections lined up for FEB 2017 which will bring jittery volatile trading environment.
India VIX is at 16.00 up by 5.5%. Volatility in the market are increased despite rally in the markets due to major events lined up for FEB month. Its too early to conclude the expiry range however active call writing is happening at 9000 and put writing at 8400 that brings a rough estimate that 8400-9000 zone however 8700CE open interest need to be monitored post the Union Budget announcement for any aggressive call writing.