Markets traded in a narrow range throughout the week as Nifty option writers took the centre stage. Short gamma positions were the flavour of the week as the Nifty index closed the weak on a flat note, down by ~0.25%. After forming a bearish Dark cloud cover candlestick pattern on the weekly chart, the banking index continued its negative momentum for the third consecutive week as short positions continued to pile up. FIIs index future long/short ratio tumbled below the 1x level as FIIs aggressively added fresh short positions and reduced their long positions in the index futures. India vix index closed the week at 20, down ~4%. On the options front (September 24, 2020 expiry), call option writing was seen in both Nifty & Bank Nifty as the indices trend lower, indicating a sell on rise market scenario for the next week.