A correction towards end of the session after testing new high…

Markets after swinging wildly towards the end of yesterday’s session, closed above 5600 levels for the second time consecutively.
Options data saw some unwinding in near strike calls and 5500 puts, with 5600 puts adding 7 lakhs in open interest. The PCR cooled off a bit to 1.16.
Though the implied volatility of calls is much less than that of puts, there might be a correction towards 5544 levels, now that markets have hit the strong resistance level of 5631 before further moves.
Resistance levels : 5611, 5631

Support levels : 5580, 5544

-Happy Trading

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