Yesterday markets saw heightened intraday volatility and the key level of 5060 was broken twice before bulls took control again and pushed it higher.
There was a huge increase in the OI for 5100 puts, and there is also a slight increase in the OI for 5100 calls. Both 5000 put and call have shed OI. So does it all point to the action to revolve around 5100 more than 5000?
It is also being established (falsely?!) that 5100 is a tough nut to crack and may be today also there could be a neutral or even a bearish move to substantiate this theory and tomorrow it could be the turn of the bulls to charge and look for a close higher than 5100.
FIIs have been net sellers of 250 cr in index futures and net buyers of 100 cr in index options. This does not give any strong indication of the direction for these two days, but overall it could be the turn of bulls to push markets higher from whereever it is left today.
Resistance levels : 5111, 5127, 5140
Support levels : 5080, 5063, 5050
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Happy Tradingwww.tripleint.com
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