● Nifty index failed to surpass immediate barrier of 11975-12000 zones and witnessed selling pressure towards 11866 levels. It negated its formation of higher high - higher low after 3 trading sessions but follow up profit booking was also missing at lower zones. It formed a Bearish candle on daily scale followed by multiple Doji candles which indicates a tug of war in the 11761 to 12000 zones

● Now till it holds below 12000 zones it could extend its weakness towards lower band of the support at 11761 then a fresh decline towards 11660 levels while immediate hurdles are seen at 11965 then 12000 zones

● Max Put OI is at 11500 then 11800 strike while Max Call OI is at 12500 then 12000 strike. Put writing is seen at 11500 then 12000 strike while Call writing is seen at 12000 then 12100 strike. Option data suggests a wider trading range in between 11750 to 12100 zones

● India VIX fell down by 2.54% at 14.12 levels. Volatility is hovering below 16 zones which is supporting for buying interest on any declines but at the same time ruling out for a major swing in the market, thus a range bound bias with some dips