In the penultimate session, bears completely dominated the markets and pushed it almost to a level below 5200 and closed very near to that.
As mentioned yesterday, any down move in that session will be equally nullified by bulls in the expiry session and it looks like bulls will charge back and push Nifty to a close of near 5300.
5200 puts reached more than 1 crore in open interest twice during the series and it looks like the strong hands which accumulated the puts the second time are out with heavy unwinding seen yesterday. 5300 puts also saw huge unwinding and the contrarian signal this is generating gives a view that Nifty can close almost near to 5300 levels for the April series.
Resistance levels : 5234, 5266, 5308
Support levels : 5202, 5185, 5165
1 comment:
Expiry was at 5254.15.
Unwinding was seen equally in 5200 call and 5300 puts and both expired in the money almost around the mid level of 5250.
icicibank 940 call and 5200 call came out profitable.
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