The expectation of a neutral day yesterday turned into a strong bearish one during mid-day when markets were hovering around 5850. The put option trade took at that time gave good returns.
The PCR ratio is at 0.96 and there were huge increase in open interest in all the near strike calls of 5800, 5900 and 6000 with 6000 call crossing 1 crore in open interest. Most of the in the money puts saw unwinding and a meager increase in open interest in near strike puts.
Though all this favours bears to a good extent, markets might consolidate around 5800 levels hovering between 5723 and 5845 for a while. There are not yet indications of a powerful correction beyond 5685 and markets might give a bounce to retest 6000 levels in short term.
Resistance levels : 5805, 5831, 5845
Support levels : 5741, 5723, 5685
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