In the alternate tussle between bulls and bears on end of day, bulls were able to close the markets slightly higher yesterday exactly at the first resistance level of 5431.
With two more sessions remaining for the expiry and 5300 puts and 5500 calls still having an open interest of more than 1 crore, it is unlikely for markets to break any of the support or resistance levels.
Any strong one sided move of today is likely to be neutralised by another equally strong move on the opposite side tomorrow and markets likely to remain close to 5400 levels.
How to trade?
The same strategy of initiating shorts at higher resistance levels of 5462 and longs at support levels of 5369.
Resistance levels : 5445, 5462, 5485
Support levels : 5406, 5387, 5369
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