Nifty is traversing along the bollinger upper band for the past three sessions and it looks like it is getting over heated in the intermediate term.
There will be strong resistance once 5200 level is breached and that will act as the upper ceiling for the intermediate term.
The option pain has slowly moved from 5000 levels to 5100 levels and there is a good possibility of Nifty retesting 5100 levels in a day or so.
The PCR ratio is still in favour of bulls and is likely to change when Nifty reaches 5200 levels. 4900 put has an OI of 70 lakhs and that is going to act as a strong support for this month.
Overall it is likely that Nifty will make another attempt to scale new high and is likely to fall from the levels of 5200.
Resistance levels : 5156, 5176, 5204
Support levels : 5126, 5109, 5086
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