Last week the Nifty index plunged more than 3% and ended at 4931.15. The Nifty futures ended at discount of 2.75 points vs. 9.85 points last week. For the coming week if Nifty continues to manage above its 4850 levels then the pull back in it may continue. Immediate Resistance for Nifty is seen at 4965 mark, above which the rally may continue up to 5030/5065 levels. The levels of 5115 would act as stiff resistance on the upside. On the downside, strong support is seen in the range of 4850-4780, if this range is broken then only we will witness fresh round of selling in which case the next support is at 4675 Mark.

Maximum addition of open interest on call options continues to exist at 5200strike indicating it as a strong hurdle on the upside whereas on the put options front you can see maximum addition of open interest at strike price of 4800 indicating it as a good support on downside.