36650-36710F can be the magnet for this week considering too much option writing happened at these levels any move away might retrace back here. – This is second consecutive week of option writers taking control on thursday itself.
Both sided writing continued at the opening on 13/9 and any lack of momentum at the opening tomorrow on the upside indicates yet another dull week in making.
BNF has openend within the previous day’s range and made a drive in IB towards the FA of 7/9 or VWAP of 30/08 but couldn’t get there as sellers lacked intent. Later it remained in a narrow range for the rest of the day with almost no interest from any side option writers.
Heavy call and put oi addition happened at the opening indicating the repeat of option writer’s intentions.
Range for the week still remains at 37248-35940F based on current structure and data setup.
+ve open is the expectation and an open above > 36793F can bring the momentum for a test of 37248F which is the upper end of the range.