Yesterday markets saw a gap up opening and bulls immediately pushed markets to the key level of 4914, though bulls were unable to reach and break the strong resistance level of 4930.
It was expected that any strong move on one side to be nullified by an equally strong move on the other side, but then the way that happened in the same session has given an undue advantage to the bears at this stage.
There has been unwinding in the near strike puts of 4800 and 4700, and accumulation seen in 4900 and 5000 calls. This is also indicating that bears position is strengthening for this expiry.
It could now be the turn of bears to push markets to lower levels of 4823, 4805 and even 4785 levels and based on the accumulation seen in puts then, it could be the turn of bulls to fight back.
Resistance levels : 4868, 4885, 4905
Support levels : 4823, 4805, 4785