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Nifty breaks below 20K mark... Is short term top in place?

Nifty after managing to float above 20k mark for a few days, has finally broken the support. Will Is the short term top in place or will we see Nifty reclaiming back 20 K ???

F&O data insights

Index Futures
Retail traders added 8332 Long Contracts and squared off 13492 Short Contracts
FIIs squared off 30419 Long Contracts and squared off 5337 Short Contracts
Pro traders added 4626 Long Contracts and added 692 Short Contracts

Index Call Option
Retail traders squared off 8.22 Lakhs Call Long Contracts and squared off 9.90 Lakh Call Short Contracts
FIIs squared off 2.13 Lakh Call Long Contracts and squared off 67099 Call Short Contracts
Pro traders squared off 1.67 Lakh Call Long Contracts and squared off 1.45 Lakh Call Short Contracts

Index Put Option
Retail traders squared off 15.05 Lakh Put Long Contracts and squared off 15.41 Lakh Put Short Contracts
FIIs squared off 1.03 Lakh Put Long Contracts and squared off 6879 Put Short Contracts
Pro traders squared off 2.93 Lakh Put Long Contracts and squared off 3.75 Lakh Put Short Contracts

PCR : 0.80

We see significant reduction in OI with FIIs squaring off a good portion of their Long Positions suggesting they were happy to book profits even after the gap down.

In Cash Market
FIIs sold to the tune of Rs 3110.69 Cr
DIIs have sold in Cash Market to the tune of Rs 573.02 Cr

On any pullbacks, Bears would sniff a chance if they see Nifty unable to cross today’s gap at 20050-20115.

Important levels which may act as Support and resistance for the day

Imp levels on the upside: 19966-19982 / 20019 - 20046
Imp levels on the downside 19863 / 19827 / 19786

Take care & safe trading...!!!