Yesterday also markets were confined between the week range of 5100 and 5150 levels and the historical volatility has again dropped to two year lows.
In this situation, the general expectation is that the markets will move very strongly in any one direction and the more the consolidation, the more severe will be the one sided move. It is also likely that the one sided move would be triggered for this expiry itself.
There are indications from the options data of a possibly strong up move as the near strike calls unwind and more of the near strike puts add open interest.
Resistance levels : 5150, 5175, 5206
Support levels : 5123, 5112, 5085
Happy Trading
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