Mumbai, March 24 -- Options traders have baked in a maximum market upside at a key technical level of 23,600 points for the benchmark Nifty index for this week.

It remains to be seen if this hurdle is broken with the index having jumped 6.3% from the 4 March low of 21,964.6 through Friday's closing at 23,350.40.

The key level of 23,600 is the upper breakeven point for options sellers. If Nifty crosses it decisively, sellers would make huge losses. If the index expires at 23,350 this week, they would gain the maximum of Rs.249 per share (75 shares make one contract).

If the Nifty breaches the lower breakeven point of 23,101 points, their losses will multiply.

The upper level of 23,600 coincides with the Nifty retracing 38.2% of the fal...