Yesterday's pattern almost looks like a mirror image of day before yesterday's pattern and Nifty also made attempt to test new high for the series and has also closed above 5100 levels for the second time in this series.
The PCR has increased to 1.33, denoting more activity on the put side yesterday than the calls and there was widespread unwinding seen in 5100 calls and also some accumulation in the 5100 puts. FIIs have bought index futures worth around 400 cr.
At the time of writing SGX Nifty is testing the crucial resistance of 5080 and has already set the bearish tone (falsely ?) for the day.
Given all this scenario, if the entire series is taken into consideration, bulls have established a strong upperhand and bears have been waiting for a strong pull back throughout this series. The undercurrent is still very much bullish and it is highly likely that bulls will take complete control towards the end of the session and can also push Nifty to a close around 5159 levels.
Resistance levels : 5121, 5138, 5159
Support levels : 5080, 5063, 5050
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