Yesterday markets tested further support at 5350 levels and then gave a strong bounce towards the close back above 5400 levels and the effect of that is continuing at open today.
Options data saw heavy increase in 5300 puts. The PCR is not heavily biased and is at 1.15.
So any bullish move now towards higher levels will be neutralized by bears going forward. Market is moving in a bigger range as mentioned in http://tinyurl.com/2wacyq3
There is also a possibility of markets to test momentarily further support of 5296 before giving another strong bounce and as of now will face stiff resistance at 5459 levels.
Resistance levels : 5430, 5445, 5459
Support levels : 5380, 5373, 5352
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