What the markets did last week ?
Last week markets reached the weekly target and also band high around 5451 levels and started consolidating towards the end.
What does the options data indicate ?
Options data is again mixed with open interest being high in both the near strike calls and puts. There were accumulation seen in 5400 puts towards the end of the week and the OI in 5500 still rules high at 1 crore.
What can be expected this week ?
Now that the weekly target and upper band is tested, markets likely to fall back into range, but there is a possibility of another attempt to touch the monthly target of 5462 and markets could swing between 5296 and 5462 levels for the week.
How to trade for the week?
This week could see heightened intraday volatility with wild swings as the overall direction is not very clear at the moment and it is better to trade the range with a buy at support levels and a sell at resistance levels.
Weekly resistance levels : 5406, 5442, 5462
Weekly support levels : 5374, 5327, 5296
-Happy Trading
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