NIFTY back in the channel

NIFTY From the 15-31 March reversal, Nifty remained in uptrend and created the channel.

Between 4-14 July tried to break out from the upper end of the channel and moved out on 17th July, but soon derailed and got inside the channel, eventually also broke down the lower end of the channel around 14-18 August.

Today it is trying to get into the channel, and if remains successfully inside the channel, 20500 can be touched in September expiry, while giving good opportunity for put writing.