After the lot of struggles in the july month series, the Nifty has maintained its position above 8400 and landed just above 8440 which indicates that the bias for long term in Nifty is positive only the short term has much volatality.
The volatile movements of Nifty is due to two components in which one is the global cues like China factor, Oil price down and FED's policy related decisions and the other is the quarterly earnings in our country. The monsoon may not have much impact on market as in some parts of the country it will perform better and the agree related stocks will move up.
Considering the factors influencing the Nifty movements, the august month Nifty series has the following extreme wings as below.
Bottom line of Nifty: 7880
Topl line of Nifty: 8770
High volatile region: From 8325 to 8575
Potential Strike prices in option segment:
CALL Option: 8500CE and 8600CE
PUT Option : 8200PE and 8000PE
The option writers can have the following combination with tight stop loss.
Nifty 8700CE + 7900PE
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