It is just one day more into the expiry of August series and still it remains very unclear as to where we are heading. The range seems to be so wide. A sub-4500 expiry to a 4800+ expiry also is being contemplated.
In any case, again we have seen a day in which right from the low there was a strong rally to close almost near the day’s high and there was a powerful bear trap seen at 4630 levels. Also this is the second day after breaking and closing higher than the ‘W’ top.
Looking at the above information, it does seem like this market has a strong potential to break 4700 and even touch 4800 levels, but then any break of 4630, is also going to push it to test further lows.
All in all, this could also be a highly volatile day and it now looks like tomorrow is going to be a bullish day into expiry. It is better to stay out and watch the game for today.
Resistance levels : 4675, 4693, 4718, 4735
Support levels : 4630, 4605, 4586, 4564