Nifty last week after testing 6069 levels lost significantly and closed the week at 5857 levels after gaining more than 1.5% on friday.
Options saw hectic action during last week with 6000 calls adding on to more than 13 lakhs in OI and also unwinding to the tune of 11 lakhs on friday. A huge built up was seen in near strike puts of 5800 and 5700 with calls unwinding. PCR has reduced to 0.92 which is favouring bulls to some extent.
Market is likely to remain range bound with bulls and bears alternating each day for this week also. There might not be a strong breakout either side during this week. A retest of low levels around 5685 would be a buy at this stage.
Resistance levels : 5891, 5947, 5985, 6034
Support levels : 5845, 5790, 5721, 5685
-Happy Trading
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