Perspective : 4 sessions to expiry left, and we are seeing put writers on the back foot from 5700 levels. Generally in such environments, the offensive party ( call writers) end up putting the losing party ( put writers) on the mat and we see an expiry at the lowest point of the series.
Global markets may also be eyeballing the FED meet, where the market is expecting QE3 to stem the rot.
Back Ground :-
1) Huge gap between 5325 and 5233 which is a single print seller.
Chart Speak :
1) A gap on charts between 4903 and 4930
2) Profile is balanced indicating buying and selling efforts.
3) Prominent POC at 4850 may act as a magnet again for price.
4) Breakdown below 4790 PS1 levels.
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