Nifty succeeded in making new high thrice and also tested the upper band twice last week but didnt pierce it significantly.
On the otherside, markets tested the crucial support of 4780 and everytime bounced without breaking that level.
Given this scenario, market is certainly waiting to take a direction and possibly move on to test new highs, but then a retest of 4756 levels is also on the cards.
Since the put build up is still quite high, 24% more than the calls, there is no significant correction seen for this month. The build up in 4800 put is quite low compared to the other near ones and so the move to test 4756 or even 4735 migth also happen this week.
It is a buy at these support levels as long as 4718 is not broken on the downside.
Resistance levels : 4845, 4865, 4890
Support levels : 4805, 4756, 4735
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