Yesterday was again a session which was tightly rangebound after testing the first resistance level of 5594. There was a sharp correction towards the end to test the support around 5550 levels before closing the day at 5567.
The PCR has gone down to 0.88 indicating that bears are gaining strength in the short term. The OI is above 90 lakhs for both 5600 and 5700 calls and above 1 crore mark for 5500 puts.
The view remains the same, nifty might break 5500 barrier in the short term before giving another bounce for this series.
Resistance levels : 5574, 5592, 5610
Support levels : 5551, 5542, 5494
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