Nifty for August settlement.

Nifty on the first day of settlement traded range bound and closed a little bit negative.

• Nifty future open interest added 6+ lakh.
• FII data sold in cash, sold in index future and bought in stock futures.
• Option range is from Nifty 5400 to 5700.
• Now the nifty is at lower range of bollinger band and higher range is at 5716. Means, if nifty crosses 5563 ie., 20 ema line then the target will be 5700.
• Upper resistance line will be at 5650-5670.
• As the latest weekly candle is in red and engulfing the previous candle, the lower range is to be completed first. 
• Support zone for nifty is 5410-5400, 5280, 5177.

For the swing reversal from bottom to top, wait and watch to buy nifty 5600 calls at Rs.30/- to sell at higher end of bollinger band.

Today's Nifty chart: