The market has seen major weakness in the last few days. The Nifty has lost close to 250 points after reaching levels of 8600 last week. The uncertainties seen on the participatory notes issue and on the taxation front have seen the market get jittery. On the derivatives front the market is expected to be volatile as we move further into the expiry week.

The current Nifty rolls stand at ~ 40 per cent which is close to the average of the last three expiries. The current Nifty open interest structure indicates that the market could see some support at the 8300 levels for the current expiry.

On the higher side, Nifty could see some resistance at the 8500 levels.We expect the Nifty to see some upside from these levels and the expiry could be close to the 8450.
Traders can look to do a bull-call spread in Reliance Industries by buying the 1020 CE and selling the 1060 CE in the august expiry in a spread of ~ `13.

Source : http://economictimes.indiatimes.com/markets/stocks/news/fo-tracker-nifty-likely-to-end-at-8450-on-expiry/articleshow/48262288.cms