Nifty at a level where one can initiate short iron butterfly and non-directional strategies: Jay Thakkar

The Nifty has formed a lower top with previous lows of 18,060, indicating levels of 18,000-18,050 on the lower side. The momentum on the daily and hourly charts for the Nifty has entered the sell mode with PCR below one. The maximum number of put writers are at 44,000 on the upside and highest call option writers are at that level. The Bank Nifty is consolidating within the 400-500 point range for the past eight days.The Nifty is expected to close within the range of 18,200 to 18,300.