Yesterday markets were hovering in a tight range in the earlier half of the session, before giving a strong breakout moving past the last resistance level of 5610 and also closed above 5600 mark.
Today markets might trade the whole day above 5600 levels and is not expected to go beyond 5660 levels which might act as a strong resistance.
The view is that markets will remain range bound for the series and now that the up move has taken place first, there is a good chance of markets to fall back into the range and move on to test lower levels of 5500 in a couple of days before closing the series next week near to 5600 levels.
PCR remains at 0.91 still slightly favouring the bears and 5600 puts added 11 lakhs in OI yesterday. 5700 and 5800 calls remain above 90 lakh mark and 5500 put OI stands at 1.16 crore with an increase of around 9 lakh contracts yesterday.
Resistance levels : 5636, 5658, 5680
Support levels : 5610, 5592, 5574
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