Mumbai, March 24 -- Options traders have baked in maximum market upside at a key technical level of 23600 for 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 March low of 21964.6 through Friday's closing at 23350.40.

The key level of 23600 is the upper breakeven point for options sellers. If Nifty crosses it decisively, sellers would make huge losses. If the index expires at 23350 this week, they would gain the maximum of Rs.249 per share (75 shares make one contract).

If Nifty breaches the lower breakeven point of 23101, their losses will multiply.

The upper level of 23600 coincides with the Nifty retracing 38.2% of the fall from the record high of 26277.3...