Yesterday I had written that there will be a retest of 5050 levels and then it will be a 50:50 chance for the bulls and bears.
Looking at the intraday pattern of the previous session where there was a strong bull trap at 5150 levels and also looking at yesterday's pattern, where there is a bull trap at 5100 levels, it looks like bears are slowly taking the upperhand.
The PCR is at 1.23, it has decreased from 1.33 levels of yesterday and more of the near strike puts has decreased OI and the same has increased for calls. This also indicates some sort of bearishness.
It is a crucial session today and if the PCR further decreases at the end of the day and the day being bearish would signify a bearish move in the short term. Also the 20 DMA support is around 5040 levels and we should watch if Nifty closes below that level for the day.
Resistance levels : 5079, 5092
Support levels : 5045, 5026
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Happy Tradingwww.tripleint.com
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