Two days back it looked like market is going to consolidate around 5000 levels, with 5000 being the pivot and markets to sway up and down that level.
But then, intraday patterns are suggesting a different trend each day. Day before it charted out a bullish trend and yesterday it has clearly charted out a bearish trend.
There is also a strong bull trap seen at 5041 levels and as said earlier, 4956 should act as a strong support in the intermediate term. As of now it looks like no end of the day trend is emerging and it is better to stay out.
The overall PCR has increased to 1.37 suggesting bullishness, but then the put series of 5000, 4900 and 4800 have decreased open interest whereas the 5000, 5100 and 5200 calls have increased open interests and this suggest some amount of bearishness and reiterates the stay out theory as of now.
Resistance levels : 4997, 5007, 5039
Support levels : 4978, 4956, 4926
Happy Trading
www.tripleint.com
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