Nifty Future was in down trend last week and breached its support of 5500 and tested 5485 level. It can continue with down trend in upcoming trading sessions.Support for nifty Future is at 5470/5412 and resistance is at 5622/5682 levels.

The Nifty Index in last trading session tumbled 1.60% and ended in deep red at 5512.15. On the derivatives front we have seen that the Nifty Futures prices declined along with an overall addition of open interest and increase in the cost of carry, this is an indication of some longs being built at lower levels. On the options front we have seen that the OI PCR has increased to 1.31 levels and the Volume PCR has ended at 1.10 level. On the volatility front the Indian Volatility Index (VIX) has ended with gains of 2.22% at 22.58 indicating volatility has increased in the markets.

RESISTANCE: It has first resistance close to the level of 5622 & above this level the next resistance is seen near the 5682 mark.

SUPPORT: It has first support close to the level of 5470 & below this level the next support is seen near 5412 mark.

On the call options front we have seen addition of open interest at strike price of 5600 and 5700.

On the put options front we have seen addition of open interest at strike price of 5400, 5500, 5200 and 5100 strike. 

OI Chart Analysis: From the OI Chart we can see that in Feb. Series addition of open interest on the calls front is existent at strike price of 5700-5800 band indicating it as resistance on the upside whereas on the put options front we can see highest accumulation of open interest at strike price of 5400 indicating it as an immediate support on the downside.