Standing at crossroad, with both Stochastic and RSI in buy, whereas MacD still to make a move and the overhead Trendline Resistance coming around 5835.
Fresh breakout only above 5835, else can stay in a range of 5700-5835 till expiry.
Looking at OI position, a short covering rally can move the index beyond 5835, but if the 5800CE writers stay put then probable expiry will be within the range.
The retracement for the fall from 6111.8 to 5477.2, the 50% comes at 5795 and 61.8% at 5869.
100 SMA is around 5859
Fresh breakout only above 5835, else can stay in a range of 5700-5835 till expiry.
Looking at OI position, a short covering rally can move the index beyond 5835, but if the 5800CE writers stay put then probable expiry will be within the range.
The retracement for the fall from 6111.8 to 5477.2, the 50% comes at 5795 and 61.8% at 5869.
100 SMA is around 5859
