Bears pushed Nifty below 4981 levels and tested the 200 DMA after an year. Though the move was short lived and a strong bounce happened immediately, it is not yet time to take position immediately.
There might also be another move to test 4950 levels and a break of 5014 levels would immediately bring in bearishness.
The options data suggest a larger arbitrage move has been happening for quite some time with the open interest in near strike put and calls both increasing heavily. There will be heavy build up in 5000 calls before any down move for the day indicating selling in 5000 calls.
Resistance levels : 5094, 5106, 5128
Support levels : 5046, 5014, 4951
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