NiFTY range bound this October 2016 expiry

producttechnicals Updated   
NSE:NIFTY   Nifty 50 Index
BAD NEWS for all who have bought Nifty 8500/8550 PE .
NiFTY is range bound and won't give any major breakout or breakdown till October, 16 expiry, since only 4 trading sessions are left . Under 2 studies, 1 of which I am going to share here, the probable down targets are 8519 max to max and on the upside 8751, whichis contrary to my earlier belief of Nifty hitting 8400 levels. So Buying 8700 PE and Selling 8700 calls and holding it till expiry would be a good strategy. Eventually, option sellers will make good money in October 16 expiry.
(Only for education purpose, not a recommendation or advise)
Just SOLD Nifty 8700 Call around 63 levels and bought 8600 Put around 14 levels. Keeping fingers crossed.....lets see.....
Look NiFTY 8700C @29 from 63 and 8600 P @23 from 14. A total of 33 points in call and 9 points in put. As told previously NiFTY maintained its upper resistance @ 8751. yesterday's HIGH was 8736 and today tumbled down. Enjoying the ride....

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