Yesterday markets made the expected bearish move and now it looks like after setting the bearish tone one day before expiry, all heads start to look downwards.
A discount of around 6 pts and SGX at 4927 all point to the milestone of 5000+ for september series expiry a distant target, but then this might also be the final bear trap for this series and there is a good potential for Nifty to close around 5000 levels and as of now 5020 also seems to be a possibility.
The glitch is that the OI in 5000 puts has decreased by more than 36% yesterday and the OI in 5000 call has increased by 11%, suggesting even a sub-5000 expiry. It is a fight between the bullish expiry pattern theory and PCR right now and I favour a bullish close today.
Resistance levels : 4972, 4999, 5020
Support levels : 4950, 4939, 4918
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Happy Tradingwww.tripleint.com
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