Yesterday bears could push markets further down towards the 20 DMA level 5457.
Options data saw turnaround yesterday with 5500 puts unwinding and 5500 calls adding 13 lakhs in open interest. The OI in 5400 puts remains at 1.2 crore.
The data points to the fact that Nifty might close between 5400 and 5500 for the august series and more so a neutral close around 5457 after testing 5430 levels and also 5500 levels on the higher side with intraday swings between these levels.
How to trade?
A long can be initiated on a test of 5430 levels and shorts on a move to test 5500 levels for an expiry close near to 5457 levels
Resistance levels : 5485, 5509
Support levels : 5448, 5432
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