Whatever the opening, Nifty has to be sustained above 5195 to retain its bullishness and if unable to sustain above 5195 then it will take support at 5172. below 5172 it will take support 5145.
On the upper side, Nifty above 5205 may test 5227 and above 5227 it may get resistance at 5250.
On the option front, very good addition of open interest was seen in 5200-5400 on the call side and on the put side 4500-5000 remain the active strike. This indicates that 5000 should remain as a good support for this expiry, whereas 5350-5400 could see some profit booking.
But there are some doubt about the market because Nifty January series rollover is in line with the average rollover.
Bottom line is that overall market sentiment is bullish.
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