Yesterday was another doji day and bears did not push markets beyond 5000 levels.
The build up in both the near strike calls and puts are ruling very high and the moment markets reach the lower end of the band, the build up in 5000 puts increase which pushes the markets back into the range. This was happening for quite some time in the calls as well.
The situation currently is that both 5100 and 5200 calls have accumulated more than 70 lakhs in OI and it is very hard for the markets to make any up move beyond 5087 levels. At the same time 5000 puts have also accumulated around 61 lakhs and so a break is also not happening too soon.
It is tough for the markets to remain in a tight range for a longer period of time, but given the scenario it is better to wait for a decisive breakout also. The key levels remain the same.
Resistance levels : 5053, 5067, 5087
Support levels : 5018, 4985, 4970
Happy Trading
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