Markets had a strong opening yesterday and were able to move higher than the 200 DMA and also the crucial resistance of 5000. But then bears completely took control in the later half of the session and moved it back to where it closed the previous day.
Options data were suggesting an upside breakout throughout the day yesterday, but shorts were building up for every rise.
Today markets have opened in red and are hovering around 4860 levels, closer to the series low of 4842. The build up in 4900 calls and 4800 put is heavy and as of now a direction from this point is not yet clear as bulls and bears still fight it out for the expiry in another two days.
Overall there might still be a strong bounce towards 4950 levels any time in the day.
Resistance levels : 4950, 4980, 4994
Support levels : 4906, 4885, 4850