After hovering around the previous session close, markets closed on a neutral note yesterday around 5550 levels.
5508 proved to be a strong support yesterday during intraday. 5500 puts saw a huge increase in OI, but still the PCR at 0.81 is favouring bears to a good extent.
A break of 5508 levels is expected soon and a test of 5393 levels is on cards. A move above 5623 levels is not foreseen as of now and and move above that is a good point to enter into short trades.
The key levels remain the same.
Resistance levels : 5586, 5623, 5654
Support levels : 5535, 5508, 5462