Markets yesterday tested another resistance level of 5050 and bears immediately took control and pushed it back to the neutral levels of 5000.
Option data of yesterday is still indicating a range bound move on a tighter range of 4965 - 5085 levels. 5000 calls as well as puts saw increased accumulation yesterday and markets can remain around 5000 level for some more time before establishing a direction.
How to trade?
It is better to trade the range, a buy at each support level and a sell at each resistance level with the stop on longs at 4930 and stop on shorts at 5055
Resistance levels : 5010, 5037, 5050
Support levels : 4985, 4965, 4934
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