Last week the Nifty index ended lower at 5237.10 Mark losing -0.60%. On the Derivatives front we have seen that the Nifty Futures prices ended lower but with a rise in the cost of carry and an overall addition of open interest on weekly basis, this is an indication of some longs being built up at lower levels. For the coming week immediate Support for Nifty is seen in the range of 5210-5170 Mark, a breach of this range decisively may continue weakness in the Index and in that case the next Supports are seen at 5130/5085 Mark whereas on the upside Resistance continues to exist at 5340/5367 Mark and a decisive crossover above the 5400 Mark only will provide further strength to our markets.

The Bank Nifty Index last week surged nearly 4% and ended at 9713.70. On the derivatives front the Bank Nifty futures prices surged along with decline in the cost of carry in comparison to the previous week and addition of open interest, this is an indication that some shorts are being built at higher levels. For the coming week Bank Nifty Index will continue to face Resistance at its 9793-9931 levels whereas on the downside Support is seen at 9415-9300 levels.

Last week the CNX IT Index surged along with other indices and managed to give a close above its 6100 Mark at 6108.40. On the derivatives front the CNX IT Futures prices surged along with decline in the cost of carry in comparison to the previous week and addition of 35% in open interest, this is an indication of some shorts being built at higher levels. For the coming week the CNX IT Index will face Resistance at its 6230/6300 levels whereas on the downside Support is seen at 5875/5730 levels.

From the OI Concentration Chart July series we can see that the maximum accumulation of open interest on the put options front is seen at strike price of 5400-5500 indicating it as hurdle on the upside whereas on the put options front we can see that the maximum open interest concentration is seen at strike price of 5200 indicating it as a good support on the downside.