Nifty Technical View

NIfty is unable to cross the 5070 levels.Now point to ponder over is SMA cross over of 20 and 50 which is giving a bearish indication to me.

Also the Trendline near 5010 if breaks can see a serious unwinding of longs.

PUTS OI has deresed indicating shorted puts are geeting covered .IS it a prelude of a fall

Levels to be watched out:

Pivot 5048.8

Resistance 5087.5 5112.7 5151.3

Support 5023.6 4985.0 4959.8