Markets corrected significantly yesterday and tested another crucial support of 5020.
The volume PCR is ruling at 1.05, not favouring a bullish or a bearish move. There has been unseen build up in both 5100 and 5200 call and though some unwinding was seen in 5000 puts, the OI at 55 lakhs is still huge.
As of now, it looks like markets to swing with 5100 as the pivot and an 80 point move either side. Any break below 4985 would impart bearishness at this stage.
As written yesterday, it is better to wait for a decisive breakout before entering into any position.
Resistance levels : 5053, 5074, 5096
Support levels : 5018, 5003, 4985
Happy Trading
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