The range bound move is continuing and yesterday was the turn of bears to push Nifty down to the levels from where it started the day before.
Bulls and bears have been alternating for quite a while keeping Nifty in an almost tight band.
Options data saw heavy unwinding in 5500 and 5400 puts and increase in OI in 5400 calls indicating bearishness to some extent as we get into today's session. Since 5400 put still has around 90 lakhs in OI, a bounce is expected on any break of that.
Resistance levels : 5434, 5462, 5485
Support levels : 5401, 5385, 5368
1 comment:
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