The last half an hour in yesterday's session saw bulls charging and breaking again the key resistance of 5150. Though the expected move till 5175, 5206 did not happen yesterday, it is more likely that markets will open on a strong note and likely to reach the levels early in the morning session today.
There was unwinding seen in 5100, 5200 calls and 5000 put has an open interest of over 1.2 crores with 20 lakhs being added yesterday and FIIs have also bought Nifty futures around 1000 crores.
All this points to a strong bullish move at this stage and the next thing to watch out for is the heavy unwinding in 5000 puts at higher levels which could then signify that the markets have reached an intermediate peak. As of now 5206 is a crucial level, though for the sort of bullishness that all indicators have shown, this seems to be a very easy target to be broken on the upside.
Resistance levels : 5150, 5175, 5206
Support levels : 5130, 5112, 5085
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