Nifty gave a doji today indicating selling at higher levels and buying coming in at lower levels. The high point of the doji at 4586 will now act as resistance and the low point of the day 4450 will act as support, incidently 4450 was also the low point of yesterday.
In OI data 4500 calls continue to add OI with 26 lac open positions. Also 4600 and 4700 calls continue to add OI. Hence caution is best at higher levels, longs targeting higher levels of 4650-4700 and beyond should be hedged. Also the puts at 4500 have added OI indicating support, so the immediate range in nifty remains between 4450 to 4600 levels.