Volatility in Nifty 50 remained lower even after the Budget event and now it started falling down which indicates that participants are not expecting much action or expecting a sideways consolidation till any other trigger does not affect the Indian market.
On the option front, Maximum Put OI is at 11,500 followed by 11,300 strike while maximum Call OI is at 12,000 followed by 12,500 strike. We have seen Put writing at 11,400 then 11,700 strike while meaningful Call writing is seen at 12,000 followed by 12,200 strike. Option data suggests a trading range in between 11,600 to 12,000 zones.
Nifty seems to be running sideways on Monday trading sessions.