Yesterday markets were confined in a small range almost between the first resistance and second support level of 5574 and 5529.
Today it looks like markets can open on a strong note as SGX nifty is indicating right now and move on to test the resistance level of 5592. Only on a move beyond 5611 levels will this turn to be a strong bullish move or else the expectation is that markets will resist around 5600 level and then correct significantly towards the later half of the session to test sub-5500 levels.
Overall the expectation is that markets will hover around 5600 levels and close the series near to that. 5600, 5700, 5800 calls OI stands more than 1 crore and that of 5500 puts around 1.15 crores. This suggest mostly a rangebound move till this expiry. PCR is neutral at 0.98
Resistance levels : 5558, 5574, 5592
Support levels : 5529, 5485, 5468
-Happy Trading
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