Nifty future
The Indian Indices once again continued their upward march and the Nifty Index managed to give a close above its 6000 mark at 6018.30 gaining 2.26% on weekly basis. On the derivatives front we have seen that the Nifty Futures prices have surged along with overall shredding of open interest and rise in the cost of carry, this is an indication of some short covering. For the coming week resistance for Nifty is seen at 6110/6185 levels, above these levels the next resistance is seen at 6260 whereas support for the index is seen at 5900/5830 levels.
Bank Nifty Future
The Bank Nifty Index last week ended with gains of 1.32% at 12263.55. On the derivatives front the Bank Nifty futures prices surged along with overall shredding of open interest in comparison to the previous week but with a rise in the cost of carry, this is an indication that the index witnessed some amount of short covering. For the coming week the Bank Nifty Index would continue to face resistance at its 12580/12774/13113 levels whereas support for the index is seen at 11880/11489 levels.
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