Immense volatility arising out of IIP numbers left longs in lurch. In blink of an eye we saw markets turning from hero to zero.Nifty futures dropped from fresh new high of 5188 to 5097 in very short span of time. We believe it was not the IIP numbers that did the trick but highly complacent market condition that triggered the selloff. Choppy market conditions have made it real hard for traders who live and die on breakouts and it requires a good understanding of supports and resistance to deal with notorious markets. I believe one should be comfortable initiating longs in the well established support region of 5080-5100 and short sell around 5170-5190 level with a tight stop of 5040 and 5200 respectively. One lucrative strategy that'll also keep your heart beat in check would be to buy 5200 calls when markets trade in region of 5080-5100 or buy puts when markets hovers around 5170-5190 levels and wind them quick as and when you see a gain of 25-30%.