Markets saw a huge gap down yesterday and managed to gather support at the first level of 5004 and closed above its 20 DMA of 5029.
It looks like markets will be range bound for a few sessions hovering between 4965 and 5085 levels.
Since 5000 and 5100 puts saw unwinding and the calls saw accumulation, markets might dip below 5000 level to test 4965 levels which will provide a very strong support for the short term.
How to trade for the day ?
Longs can be initiated on a test of 4965 levels for a target of 5085 and similarly shorts can be initiated if markets reach 5085 levels.
Resistance levels : 5050, 5067, 5085
Support levels : 5004, 4985, 4965
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