Nifty future slipped below 5900 on the back of tension movement in Korea, closed near to its days high and maintained its range of 6057-5850 . If it manages to sustain above 6000 level ,we may expect its further up move from here . Resistance for nifty future is at 6030/6055 levels and support is at 5860/5811 levels. One should take future position.

Resistance: It has first resistance close to the level of 5995 & after it may face the next resistance close to the level of 6054.

Support: It has first support close to the level of 5847 & after it may get the next support close to the level of 5760.

The Nifty closed at 5934.75. Nifty future (Nov.) closed at 5941.30 i.e. at a premium of 6.55 points vs. 0 points and shredded -4996500 shares in open interest. The Nifty future (Dec.) closed at 5963.50 i.e. at a premium of 28.75 points vs. 30.10 points and added 6196600 shares in open interest.

Interpretation: The Nifty future prices ended in the red territory but recovered from lows along with overall addition of open interest and increase in the cost of carry, this is an indication of some long being built at lower levels. The Historical Volatility of Nifty future is at 25.76% vs. 25.99% and the India Volatility Index (VIX) is at 23.26% vs. 19.93%.

On the call options front we have seen addition of open interest in Dec. Series at  strike price of 6000 and 6200.

On the put options front we have seen addition of open interest in Dec. Series at strike price of 5600, 5800 and 5900.

OI Concentration Chart Interpretation: From the OI Chart we can see that in Dec. Series addition of open interest on the calls front is seen at strike price of 6000-6200 indicating it as the Resistance zone on the upside whereas on the put options front we have seen addition of open interest at strike price of 5800-5600 indicating it as good support zone on the downside.