Nifty : Will it sustain above 8600 Levels?

Though the Index witnessed flattish opening, gradually it started recovering and finally managed to give a very powerful close above 8600 mark. It faced resistance around 8600 levels on multiple occasions and finally today surprised the bears by through out sustaining and closing above 8600 mark. 

Heavy OI addition seen at 8550 & 8600 PEs Strike. On the other hand Bears were forced to liquidate their positions at 8600 CE Strike. Total OI at 8600 CE still stands at 52.77 lacs whereas at 8600 PE it is 28 lac. The next tough resistance is around 8655 levels which once crossed on the closing basis may create panic among bears and the Index may rally up to 8720-8750 levels. 8500 PE Strike is having highest OI suggesting strong support. VIX closed at 15.71.

Intraday Resistance - Support

 Resistance 8680-8722

Support 8598-8576