Derivatives strategies: Strong resistance for Nifty in 10,700-10,800 zone

The market rebounded from a bottom (Nifty at 10,005), to hit a high of 10,645 this Monday before it fell again. Volumes were low with little institutional buying. Both FPIs (foreign portfolio investors) and domestic institutions were net positive but the quantum of buying was extremely small. Breadth looks poor, with advancing stocks outnumbered by declining stocks. Volatility is high. 

The major indices are all trading below respective 200 day moving averages (200-DMA) and those could serve as areas of resistance. Bond market yields have eased down. The rupee has recovered to Rs 72.90- 73/dollar. 

Corporate results have just about