Markets broke the 5690 barrier last week and closed at 5655, losing 4.23% over the week. After the initial bounce seen on two sessions, markets were unable to sustain on to the resistance level of 5834 and succumbed to bear pressure closing at levels close to september 2010 from where the strong bull rally started.Options data saw heavy increase in OI in 5600 and 5700 calls and there were increase seen in 5500 puts though not to the extent seen of 20 Lakhs seen in the calls. Overall pattern-wise market is extremely under bears influence and any bounce above 5700 levels would again see sell off. There might be consolidation for some time before bears can again take control and push markets towards 5491 levels even before the close of this series.
Resistance levels : 5690, 5704, 5752
Support levels : 5639, 5577, 5544
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