Markets were dominated by bulls yesterday and the much expected breakout to reach the levels of 5175 and 5206 happened yesterday.
The options data were pointing to the fact that the build up in calls were less when compared to the puts. The volatility at historic lows triggered the move for the breakout, only that it happened after a prolonged consolidation.
Now the question is how powerful this breakout is and what could be the immediate target? Since yesterday was the first day of the strong up move, further momentum is expected today and the levels of 5250, 5275 could also be reached. As of now the indications of the correction are still not in place and this looks like the initial move to kick start the momentum.
Resistance levels : 5220, 5250, 5275
Support levels : 5175, 5150, 5123
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