Yesterday markets opened gap up above the crucial level of 5050 and bulls were completely in control for the entire session taking markets to close above the resistance level of 5187, above which the short term trend is back to bullish.
The 20 DMA is at 5231 and before this downmove to break 5000 levels, there was a powerful trap point established at 5250 which if conquered by the bulls will push markets in no time test year highs of 5400 levels.
Only a move below 5106 would signify large arbitrage play which is less likely to happen. The options data indicates build up in 5100 puts to a large extent and there could be a strong up move to test 5250 levels soon.
Resistance levels : 5204, 5231, 5250
Support levels : 5165, 5128, 5106
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