Nifty future is still trading on weak note. We can see some more corrections in it in the coming trading sessions. One should adopt a strategy of selling at higher levels in Nifty Futures. Support for nifty future is at 6000/5966 and resistance is at 6150/6208 levels. Technical The Nifty Index in last trading sessions once again ended in the red territory at 6048.25 losing nearly half a percent. On the derivatives front we

have seen that the Nifty futures prices declined along with an overall addition of open interest and rise 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 declined to 1.24 vs. 1.31, this is mainly seen on account of addition of open interest on the call options side whereas shredding of open interest was seen on the put side. On the volatility front the Indian Volatility Index (VIX) has once again shown a rise indicating uncertainty at higher levels.

RESISTANCE: It has first resistance close to the level of 6150 & above this level the next resistance is seen near the 6208 mark.

SUPPORT: It has first support close to the level of 6000 & below this level the next support is seen near 5966 mark.

On the put options front we have seen addition of open interest at strike price of 5900 whereas shredding of open interest was seen at strike price of 6100 and 6200.

OI Chart Analysis: From the OI Chart we can see that in January Series maximum addition of open interest on the calls front is existent at strike price of 6200-6300 indicating it as immediate resistance zone on the upside whereas on the put options front we have seen addition of open interest at strike price of 6000-5900 indicating it as strong support on the downside.