Finally the bullish breakout came yesterday, one day later than expected and markets also closed on a strong note.
Options data saw unwinding in 5400 calls and further accumulation in 5500 calls and more of increase was also seen in 5400 puts.
Markets have reached the monthly target of 5462 levels and it looks like 5500 is a strong ceiling for the markets and is likely to correct from these levels.
How to trade?
A short at higher levels, if market reaches 5485 for a target of 5420.
Resistance levels : 5450, 5462, 5485
Support levels : 5442, 5420, 5405
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