Nifty has been hovering in a tight range for the past seven sessions and it is likely on any further correction, a sharp bounce till 6200 levels can happen.
The PCR is neutral at 1.04 and the implied volatility in calls and puts are equally poised around 18 levels indicating a range bound move.
The OI in 6000 calls has not increased and is much lesser when compared to the near strike puts and calls and it is unlikely for the markets to break the 6000 barrier below for this series.
How to trade?
A buy around 6050 levels for a target of 6200.
Resistance levels : 6116, 6136, 6150
Support levels : 6079, 6050, 6036
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