Yesterday's move completely engulfed almost the past two weeks down move. For a long time the expectation is that momentum has to kick in with increased volume and there will be a rally till 5300.
The indications were that the markets may not fall below 4940 levels and a bounce was expected from the range bottom because of heavy accumulation in 4900 puts, a sharp upmove of this magnitude was not foreseen because of the accumulation seen in 5000, 5100, 5200 calls.
Yesterday 5000 and 5100 calls saw heavy unwinding and 5200 call did not see much of unwinding. Since it was the turn of call buyers who got benefitted, there could be an upmove to test the range high of 5182 and also pierce that and test 5223 levels this time, now that the momentum has been kick started.
Resistance levels : 5162, 5183, 5223
Support levels : 5115, 5084, 5067
Happy Trading
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