Nifty did hit the high of 5182 on friday and fell back into range.
The accumulation in 5200 call has increased almost exponentially (OI is at 66 Lakhs) and it has been established as a very hard ceiling now.
It now looks like Nifty might move to test the lower end of the range at 5050, 5020 in the next couple of sessions. Since the accumulation in 5000 puts is still around 55 lakhs, it is not foreseen that this market will break 5000 on the downside.
It looks like after the retest of 5020, it will again fall into the range and move on to test 5150 levels.
Resistance levels : 5135, 5155, 5173
Support levels : 5084, 5067, 5052
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1 comment:
Contrary to what has been written, there has been massive unwinding seen in 5200 call and a very strong accumulation in 5000 puts during intraday till now.
If the premium shrinks, then there is a good chance for Nifty to go for an upper breakout also today.
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