Nifty is be looking a bit tired and even weak. 4200 and 4300 calls have added OI and have more open positions that their respective PUTS hence nifty most probably go below 4200, and if it attempts to rise it will face significant in the 4300-4320 band, even the 50% retracement area is at 4319 which is also the high point of the day. 4100 PUTS have added OI hence expect 4100 to provide support.
Also on the chart the accumulation\distribution is not particularly encouraging. Hence the strategy of shorting on rises can be more beneficial than buying on dips. Best shorting area would be 4315 with sl at 4330 or 4350, also break of 4169 can invite more selling.
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