Yesterday markets were completely dominated by the bulls right from start and pushed Nifty to close above the strong resistance level of 5420.
Options data is again indicating a strong open interest in both the near strikes of put and call and points to a neutral move and a pull back on every bounce.
How to trade?
It is better to initiate shorts at 5462 and beyond with a stop of 5492.
A break of 5388 would signal weakness for Nifty at this stage.
Resistance levels : 5447, 5462, 5486
Support levels : 5422, 5388, 5369
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