Nifty slipped back below 15,750 level, tracking weak global cues, on July 27. Except for metal and PSU bank indices, all sectors followed the footsteps of the benchmark and ended the day in the red.

Nifty Pharma index was the worst hit with a loss of over 4 percent.

On the derivatives front, Call writers once again added hefty open interest at 15,800, 15,900 and 16,000 strikes which points towards limited upside in the Nifty.

Put writers were seen unwinding their position from 15,700 strike which hints that bulls are on the back foot as of now.

Secondary oscillators suggest that the market is likely to trade with a negative bias in the coming sessions as long as Nifty is trading below 15,850-15,900 levels.

Volatility may be high as we are near the expiry of the July futures and options series.