Bears took complete control yesterday and from the key level of 5333 brought markets down below the earlier trap levels of 5285. This is indicating a consolidation and a move to test further support levels of 5191 mentioned in the weekly post.
Options data saw major writing in both 5300, 5400 calls of 13 lakhs each and there was unwinding seen in 5300 puts. This points to a bearish move immediately.
How to trade?
Overall markets could bounce back from the key support level of 5191 and is unlikely to fall below 5133 levels which should act as a strong support. Shorts can be initiated with a target of 5191 at open and if further correction happens towards 5150 levels, longs can be initiated
Resistance levels : 5277, 5292, 5310
Support levels : 5233, 5191, 5150
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