Nifty made a new high yesterday and tested the weekly resistance level of 5611 and closed above 5600 levels.
Options data saw heavy build up in 5400 puts and 5700 calls and some unwinding in all in the money calls of 5500, 5400.
The implied volatility of calls is low at 10 when compared to that of puts at 18 and this could signify another upmove before markets can correct further. PCR at 1.25 is still favouring the bulls. There might be consolidation around 5580 levels for some time before a strong move happens. 5544 is a key support level and markets can bounce back if that is tested.
Resistance levels : 5611, 5631
Support levels : 5580, 5544
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