Yesterday markets broke another crucial support level of 4980 and moved towards 4940 levels.
The accumulation in 5000 calls is very heavy and increased almost by 50%. Going by the trend, there were initially major writing in 5200 call, followed by 5100 and yesterday it was the turn of 5000 call.
There were some accumulation in the 4900 and 4800 puts, but not to the extent that it can prevent a correction till 4900 levels. Also the volume PCR is at 0.81, favouring bears to a good extent.
Bears have clearly taken the upperhand and given the scenario that market is testing Bollinger band low now, any further break of 4940 levels would bring in weakness and can push markets to test 4900 levels and beyond.
Resistance levels : 4957, 4980, 4996
Support levels : 4925, 4898, 4882