Nifty (5281) Supp 5200 Res 5380

After opening & holding positive ground for most part of the day, the market succumbed to selling pressure in late trade on the back of subdued European markets. The market witnessed a bout of volatility and amid a strong market breadth, NIFTY closed marginally above at 5281 up by only 4 points with decrease in Open Interest of 85,750 shares and depressing cost of carry indicating unwinding of long position. The Put Call Ratio of Open Interest of Nifty now stands at 0.95 and in volume terms to 0.82.Deep in the money Call strike at and below 5000 levels has seen profit booking indicating some down side in the Index can been seen.We expect the market to see some consolidation.