Markets were trading below 6000 levels for major part of the day yesterday and as suggested in the option trade of buying 5900 calls, the upmove came after 2.30pm and saw markets regaining all it lost the previous day to close above 6000 levels exactly at the last resistance of 6030.
Now that we have entered the new series, there might be consolidation and range bound moves between 5900 and 6160 levels for a while. Options data is seeing increase in 6000 puts and unwinding in 6000 calls suggesting that 6000 might act as a strong support level for a while.
At present the implied volatility of both puts and calls is around 20 suggesting range bound moves.
Resistance levels : 6085, 6110, 6160
Support levels : 6014, 5995, 5965
-Happy Trading
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