Nifty future moved under a tight range in last trading session and ended with flat and negative bias. Nifty future could not manage to sustain at higher levels. If Nifty future break 5950 levels it may see some more correction in it. Support for nifty future is at 5948/5900 and resistance is at 6062/6148 levels. One should adopted a strategy of sell at higher level. The Nifty Index closed flat below its 6000 mark at 5996. On the derivatives front we have seen that the Nifty Futures prices ended flat along with an increase in the cost of carry and addition of open interest, this is an indication that some longs are being built up at lower levels. On the options front we have seen the OI PCR has shown a slight increase whereas the VOL PCR has shown a decline. On the volatility front, the Indian Volatility Index (VIX) has shown a decline of nearly two percent indicating lesser volatility in the markets.

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RESISTANCE: It has first resistance close to the level of 6062 & above this level the next resistance is seen near the 6148 mark.

SUPPORT: It has first support close to the level of 5948 & below this level the next support is seen near 5900 mark.

On the call options front we have seen addition of open interest at strike price of 6100 and 6300.

On the put options front we have seen addition of open interest at strike price of 6000 and 5900.

In January Series maximum addition of open interest on the calls front is existent at strike price of 6000-6100 band indicating it as Resistance on the upside whereas on the put options front addition of open interest is seen at strike price of 5900-5800 indicating it as the immediate support on the downside.