So far Nifty is holding quite well and haven't retraced to the extent with the intentions with which 5400 put were bought. Bank Nifty is too giving support to this rally with Axis Bank declaring robust earnings to sustain near 5400 levels. So for a while we can witness whipslashes for nifty around 5400 levels and Bank Nifty at 10,000 levels. I will stress more on sustainability of Bank Nifty's 10K as it is giving good support to its peer and outcome of sustaining 10k will result in sustaining in Nifty above 5400.
An interesting article in today's ET here of Nifty cut pasting 5400, I appreciate that author is quite impressed by the undercurrent and has given some targets of Nifty above 5400 and icici above 900. Quite gettable but only if above mentioned conditions met. Whipslash level for ICICIBank is now 900-905. So watch out for this levels and hold tight to your positions.
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Nifty Pre-Market View.
6 minutes ago