After touching all time high nifty corrected last week and more correction seen in this week also. Metal and energy stocks show strength against the market whereas pharma and media were laggard. In monthly contract call writing seen at and above 14800 strike whereas writing in put seen at 14700 and below strikes. The highest call open interest share is at 15000 whereas put stand at 14500 strike. The India VIX is trading around 25-26 which is resistance for VIX for last 5-6 month if this level breaches then we can see a more selling in market. As there is an inverse correlation between volatility and underlying, it means that if volatility rises then there is a good chances of underlying to fall and vice versa. The implied volatility gap between calls and puts in weekly contract is normal and this is reason we observed writing in out of the money (OTM) calls and puts. The nifty straddle for monthly expiry on Tuesday closed at 184 higher as compare to last week that implies the option writers are comfortable at +/-184 points movement in coming sessions. The banknifty straddle for current week is at 601. The option max pain for nifty current week contract is at 14700 and for banknifty current week contract is at 35200 which is near to the current level of index. We can see some accumulation in nifty around 14750 and accumulation in banknifty around 34950. Both of the indices are trading around that level and once market move beyond that level it confirm whether it is a buying or selling in these indices. In coming session metal and energy to continue its rally and we can see further buying interest in these counters. In coming sessions index is likely to trade in the range of 15000 to 14700. Further profit booking can be expected once it breaches 14700.