The bounce that we saw yesterday, pushed Nifty even beyond the key resistance level of 4884 and also bulls were able to make a close above 4900 levels.
This has established a fight between bulls and bears for 4900 level for the expiry and majority of the data and pattern point to the fact that overall bears still have the upper hand for the expiry and might push Nifty to a close around 4806 levels.
Options data saw huge unwinding in 5000, 4900 calls and accumulation in 4900 puts, which gives bullish indication, along with the PCR of 1.10. But overall the undercurrent is very much bearish and for most of the session market is likely to trade in a narrow range between 4885 and 4925 before bears take control after noon and push it near 4800 levels for an expiry of around 4806 levels.
Resistance levels : 4925, 4935, 4951
Support levels : 4885, 4860, 4806
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