Yesterday markets saw more of the momentum run and it is highly likely to continue today by Nifty attempting to scale the 5000 peak
The intraday pattern also looks very powerful for the past two days as the amount of retracement shown is very minimal.
Having seen this, we are getting into a territory where the last bear might turn a bull and would want to ride the momentum wave and so a correction of 100-150 points is also due early next week. So it would be better to book out profits at this stage and wait for the correction for reentry.
The build up in call seems to be still very low and this month is proving to be a put sellers market rather than a call buyers market as the appreciation in most of the out of the money calls is still very low for the price move that we have seen.
Resistance levels : 4991, 5021
Support levels : 4939, 4918, 4890
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