Nifty tested 5000 levels yesterday and that almost completes the momentum leg that we have been looking for right from 4580 levels.
Though there is not much of a downside forseen for this expiry and it is highly likely that the expiry is going to be above 4900 levels, it is difficult to say at this stage whether it will be above 5000 levels also.
Since we have seen during the entire series, it is put sellers market, for another day or two nifty might consolidate and we can also see 5000 puts being written considerably. If that happens, there is a good probability that the expiry will be near 5000 levels, the final bull move to come on the expiry thursday.
The PCR today stands at 1.54, cooling off a bit, but then the largest accumulation seen in 4600 and lesser strike puts are all almost worthless even now and it is going to be the fight between 4900 puts and 5000 calls and Nifty could move in a tight range.
Resistance levels : 4972, 4987
Support levels : 4950, 4939, 4918
Happy Trading
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