Yesterday markets moved in a narrow range with intraday volatility increasing.
The option data has made a 'U' turn with 5400 calls increasing in OI by 16 lakhs and reaching 87 lakhs and unwinding seen in 5200 and 5400 put with 5300 put adding a small amount to the open interest.
This is pointing to the fact that the intraday volatility is going to be heavy moving forward with sudden positive and negative spikes and the range of the day also is likely to expand.
Bulls are having upperhand as long as 5285 level is not broken on the downside on a closing basis. The wild swing is expected between the levels of 5285 and 5406 going forward.
Resistance levels : 5367, 5384, 5406
Support levels : 5335, 5302, 5285
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