Nifty has been tightly hovering in a range taking strong support at the 20 DMA around 4838. Bears could not take advantage of the gap down move of yesterday and it again ended on a neutral note.
Looking at the options data, 4900 call and 4800 put recorded huge transaction on the 19th and since then the time premium has been eroding in both the options steadily as market has been hovering in the range. This points to the fact that both options could have been written on that day.
4900 call saw huge unwinding yesterday with the highest transaction for the month and 4900 put has seen accumulation and this is pointing to some amount of bullishness as we get into the expiry day.
Infosys has been the major heavy weight used to move Nifty intraday for this series and it is likely to be the key mover today also.
Resistance levels : 4885, 4905, 4930
Support levels : 4845, 4838, 4823
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