Yesterday markets made a strong comeback in the later half of the session after swinging wildly throughout the morning between the key levels of 5245 and 5206.
The open interest in 5300 puts increased by more than 12 lakhs with significant increase in the turnover indicating another up move which is also supported by the unwinding seen in 5200 call. The PCR ratio which was extremely bullish has cooled off from 1.5 to 1.2 levels.
Overall there might be an up move to test 5331 levels today if the writing is heavy in 5300 puts on every decline as we saw yesterday.
How to trade ?
Though the bullish breakout and options data point to an upmove, it is better to stay in the sidelines.
Resistance levels : 5285, 5302, 5331
Support levels : 5262, 5245, 5203
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