Derivatives strategies: Indicators point to some more downside in Nifty

The Nifty has edged down although it continues to be within a trading range. Background signals suggest it is increasingly likely to continue heading down. The VIX is rising, indicating increasing trader-nervousness. Breadth is negative with advances outnumbered by declines. Volumes are low. Geopolitical tensions continue. The trade war with America verses the rest could result in a global downturn. Crude prices continue to rule high. 

The Nifty tested resistance at 10,900 unsuccessfully on June 13, topping out at 10,893. It has since fallen, to a low of 10,557 last week. This creates a falling top pattern compared to the prior