Yesterday markets broke 5700 levels after struggling to move past and sustain above the key resistance level of 5832.
It now looks like markets can hover between the range of 5685 and 5900 levels and any break of 5690 at this stage would again push markets towards 5900 levels triggering short squeeze as was seen towards the end of the session yesterday.
Going forward 5900 level should offer a strong resistance and market is unlikely to move past that and short positions can be initiated near that level. Longs can be initiated on any new low for the series around 5685 levels if markets have not tested 5885 levels before reaching the lows.
Options data saw an increase in OI in all the near strike put and call and is indicating a range move between 5685 and 5900 level for some time.
The key levels remain the same.
Resistance levels : 5791, 5832, 5846
Support levels : 5752, 5721, 5690
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