Nifty eyes 17,000 mark in Sep

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The Nifty50 concluded the August expiry series with gains of 5.4 per cent; it has made higher highs and shallower lows for the last four weeks. Open interest activity has increased 37 per cent on an expiry-to-expiry basis. The rollover of Nifty positions stood at 83.9 per cent, higher than its quarterly average of 81.5 per cent. The high rollover figure is due to the longs built in the index at higher levels. "The options data suggests a broader trading range in the 16,000-17,000 zone. A move above the 16,700-mark may result in an up-move towards 17,000. On the flipside, major support remains intact at 16,300 and then 16,100 levels," said Chandan Taparia of Motilal Oswal Financial Services. On Friday, the Nifty closed at 16,712.40.