Nifty index touched high of 8490 last week and closed at 8459 levels. Index saw profit booking in last hour which shows slight uneasiness of bulls at 8500 levels.
Index closed below 50 SMA at 8470 levels. Also index has not crossed upper bollinger or keltner band as of now on daily charts which shows resistance at 8500 to be there for some time.
Daily RMA has not crossed 60 levels which is very critical for bullishness to sustain.
This week being expiry Call and Put OI can define trading till Thursday. As of now 8400 Put OI is highest and index will take support at these levels. On upside there is slight reduction of 8500 Call OI which is slightly bullish but there is a lot of technical resistance at those levels.
As of now it seems it seems trading will be range bound within 8400 to 8520 levels for the week.
If we close above 8520 levels then it will be upside breakout for index.
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