Yesterday bears pushed markets below the crucial support of 5050 level which indicated massive weakness and sell off based on the previous day's pattern. Nifty however managed to give a strong bounce from the day's low which seems to be a move to throw away weak bears.
4900 puts did not see much action the whole day yesterday and saw little bit of unwinding after the massive accumulation of 30 lakh contracts the day before.
Any further break of 5050 would lead to massive selloff and Nifty can move on to test 4932 levels before settling at its 200 DMA of 4956.
Resistance levels : 5098, 5116, 5132
Support levels : 5050, 4956, 4932
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