Bears were totally dominating the expiry week and on the expiry day after a strong bullish move for majority of the day, bears took complete control towards the fag end and pushed Nify below 6000 levels for a close near the support level of 5985.
Though there were large scale increase in open interest in 6000 puts and there was not much of an increase seen in 6000 calls, bears were still able to break 6000 levels. Markets were also ruling at a hefty premium throughout the month and one day before expiry also the premium was around 20 and the implied volatility in puts were around 19 when compared to the calls around 25 levels throughout the month.
Now that a new series has begun, there might be consolidation around 6000 levels and also a move towards 5885 levels later in the month after a break of 5954 levels and market is expected to bounce back.
Resistance levels : 6032, 6050, 6072
Support levels : 5985, 5954, 5937
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