Now its really interesting to watch the price action in both nifty and bank nifty as both are in sell mode on ichimoku charts and hanging very very close to the cloud resistance zone 4990 and 9655 zone on the 90 min timeframe. Breakout and sustaining above the resistance level will turn the trend to buy mode otherwise shorting is recommended until the resistance zone breaches.
Still 5000CE holds considerable amount of higher open interest but slightly lower when compared to 4800PE(Which has been heavily by put writers right from monday onwards). This indicates the possibilities of resistance zone developing near 4990-5000.
Action Points Need to be taken :
1)Bulls needs to wait for a close above 5000 to take positional longs
2)Bears can hold their shorts with 4990-5000 as a strong resistance zone