Yesterday saw markets do a reverse of what was done the previous day. It had a gap down opening, but then markets bounced back before it could reach the target of 4823, 4805 on the downside.
The bounce was also not strong enough to push the markets further high beyond the key resistance level of 4885.
Markets have been moving closely around the 20 DMA which is currently at 4838 for the past five sessions and have not indicated on a strong directional move with any move on one side being nullified by an equal move on the other side.
There has been large accumulation seen in 4800 puts yesterday and a move below 4823 would indicate strong hands have accumulated and can push markets further below to 4805 and 4785 levels.
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Resistance levels : 4875, 4885, 4905
Support levels : 4823, 4805, 4785
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