Nifty future opened with gap and moved in a range, but closed above its psychological resistance level of 6000. If it manages to sustain above 6025 level then we can see some more up move from here. One should go for long position after proper break out. Resistance for bank nifty future is at 6040/6093 and resistance is at 5945/5900 levels.The Nifty Index ended with gains of nearly one percent at 6000.65 marks. On the derivatives front we have seen that the Nifty Futures pricessurged along with a nominal rise in the cost of carry and addition of open interest this is an indication of some longs being built in it at lower levels. On the options front we have seen that the OI PCR has increased to 1.32 vs. 1.25 mainly on account of addition of open interest on put options front and shredding of open interest on the calls front at strike price of 6000. The Indian Volatility Index has shown a decline of nearly 5%, indicating that the volatility has eased off due to buying support being seen at lower levels.

RESISTANCE: It has first resistance close to the level of 6040& after it may face the next resistance close to the level of 6093.

SUPPORT: It has first support close to the level of 5945 & after it may get the next support close to the level of 5900.

Bank nifty future saw smart pull back in last trading session. If it manages to sustain above 11700 level we can see more up moves from here. One should take long position only above 11700 level. Resistance for bank nifty is at 11700/11850 and support is at 11491/11260.

RESISTANCE: It has first resistance close to the level of 11700 & after it may face the next resistance close to the level of 11850.

SUPPORT: It has first support close to the level of 11491 & after it may get the next support close to the level of 11260.