Yesterday markets opened on a strong note and tested the key resistance of 5480 levels before folding towards the afternoon session for a close of 5447.
Options data is witnessing increased open interest with 5600 call and 5300 put reaching 90 lakhs and crossing one crore respectively with 5400 put and 5500 call around 80 lakhs. This is giving a neutral stance and looks like markets will be range bound for some more time before deciding on the direction. Only a move above 5487 would bring in bullishness at this stage and would push Nifty to immediately test 5523 levels.
How to trade?
It is better to wait and watch for some more time for the markets to make the next move before initiating any position.
Resistance levels : 5462, 5487, 5523
Support levels : 5434, 5419, 5407
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