Yesterday markets started on a strong note and reached the initial target of 5442, but then bears took control before markets were able to hit 5462 levels.
Options data saw unwinding in both near strike calls and also puts. Accumulation in 5500 call is heavy which points to a strong ceiling and it is unlikely for markets to touch 5500 in near term.
How to trade?
Another leg up can be expected to beat the previous high and reach 5462 levels. There might not be strong up move beyond that. It is better to wait and watch for markets to stabilize.
Resistance levels : 5420, 5442, 5462
Support levels : 5380, 5361, 5350
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