The consolidation has strengthened enough for a strong up move to follow and it is highly likely that Nifty will make an attempt to scale 5175 which could act as a minor resistance and on breaking that would be able to touch 5206 levels.
Yesterday almost saw the mirror image of the previous day's pattern. For most of the day markets were trading higher than the previous close.
Looking at the PCR data, the volume PCR is at 1.39 and this is a strong indication of a strong rally. 5000 puts have crossed one crore in open interest and as on now the indications are that the puts have been written.
All this points to the fact that Nifty can run up to 5175, 5206 levels most likely today itself and 5206 could act as a strong resistance for markets to break and reach further high.
Resistance levels : 5150, 5175, 5206
Support levels : 5085, 5050, 5030
Happy Trading
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