Support at 9600 for BSE SENSEX, if holds this week then expect resumption of rally beyond 11000(the crucial trend deciding resistance) in the days ahead. Inability to hold the support 9600 would imply that it could be headed towards 9000 levels (the crucial lower support) again. (A close below 9000 would project the targets of 6000 for medium term).

Also watch out for bellweather RELIANCE. If it closes below 1150 then expect martkets to trend lower in days ahead because Reliance closing below 1150 would imply weakness in this stock and then it could be headed towards its previous lows and even upto 800 levels. Similarly, SBIN closing below 1180 would also be a signal of weaknes in days ahead as it trends lower towards its previous lows again.

FTSE100 has closed tad below its crucial level of 4250. It is a sign of weakness and FTSE also could trend lower towards 3800 again. But a rebound from current levels would be positive signal for it in the days ahead.

We have our Industrial production(IIP) numbers today and Inflation tomorrow.
To sum it up, the existing positions are in a dilemma as the direction of markets would depend only after SENSEX breaks out from either side of the range 9600-11000.

As said earlier, in this high volatility the long straddles are giving good returns. Buy two lots of NIFTY call and put, in December series, of same strike. Buying two lots gives the flexibilty to squareoff one of the two as and when it reaches breakeven point or In the Money(IM) situation, and hold the other for more profits without much risk taking.
The other opportunity is likely in RELIANCE. This stock could also remain very volatile in a big range. But only November options are liquid in this stock. Buying call and put of strike 1200 (or nearby strike) could be profitable. But closing below 1150 would mean that one can go for only put options also because below 1150 it could move down to its previous lows.
Similarly, go for only put option in SBIN if it closes below 1180 because then this stock is also likely to head towards its previous lows.