Markets gave the classic jerk on break of 5700 and quickly dipped to the lower end of the range.The unwinding was fast and furious.The Moving Averages have been damaged and some time of consolidation is required to see the next move..Markets may bounce further due to highly oversold positions.Many will use the opportunity to unwind the longs stuck at higher levels..The S/R of the week is 5600 with a range of 5450 to 5750..Stocks bought at bottoms can be booked on rise towards the upper range..
Happy Trading..
