Nifty Facing Series of Resistance Zones

Nifty nears the series of resistance zones as the price rejected multiple times from the high in the band of 8740-9000 zone. Open Interest Charts shows that 8400PE and 8500PE are written and on the call side 9000CE and 8000CE are written brings market to trade in a broader sideways zone 8500-9000 zone for FEB expiry series or in best case 8400-8800 zone.

Overall Broader consolidation in progress!

Also to be noted that India VIX dropped nearly 17% post the Union Budget 2017

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