It was a strong comeback for the bulls after retesting the 20 DMA.
Both bulls and bears were equally poised for the last session and it now looks like bulls have won again and likely to push Nifty to new year highs before falling into the range again.
The PCR is back to 1.16, favouring bulls to some extent for the immediate term and if there is an increase in the OI for 5100 calls during intraday when market tests 5100, it is more likely to pull back.
Resistance levels : 5068, 5085, 5111
Support levels : 5030, 5006, 4980
Happy Trading
www.tripleint.com
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