Another remarkable series came to an end yesterday almost closing near 5000 mark. Finally it was victory for both the expiry pattern and also the PCR as mentioned in the opinion yesterday.
The pattern was suggesting a bullish move and PCR was suggesting a sub-5000 close and finally both proved to be correct.
September series totally went in favour of put writers and at one point the PCR anamoly went as high as 1.77 and it did prove that put buyers were the suppliers for the whole series.
Now that a new series has started and we are entering the new territory with more bears in pain and fresh bulls waiting to charge, at this point in time it points more to a range bound market with 4800 levels offering support.
Resistance levels : 4999, 5030, 5041
Support levels : 4950, 4939, 4918
Happy Trading
www.tripleint.com
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