Bears pushed Nifty below the key support level of 5430, the low for the past six sessions and closed it near to the 20 day moving average.
Options data saw increase in open interest in all the near strike calls including 5400 and unwinding was seen in 5400 puts indicating a down move in the immediate term.
It is likely that market will test further support level of 5368.
How to trade?
On any test of further support level beyond 5368, it is likely that markets will bounce back. Shorts are to be initiated only on a break of the weekly support level of 5327.
Resistance levels : 5434, 5445, 5462
Support levels : 5385, 5368, 5330
-Happy Trading
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