Nifty future was volatile in last trading session and moved between tight range of 6200-6130. If it breaks 6100 level we can see some more correction in it. On the upward side if it manages 6200 level we can see up move till 6300 levels. Resistance for Nifty future is at 6241/6331 and support is at 6131/6068 levels. The Nifty resisted at higher levels and closed with nominal losses of 0.20% at 6146.35. On the derivatives front we have seen that the Nifty futures prices declined along with an overall addition of open interest and decline in the cost of carry, this is an indication of some shorts being built at higher levels. On the options front we have seen that the OI PCR has declined to 1.37 levels vs. 1.41 whereas the Volume PCR has increased to 1.11 vs. 0.96. On the volatility front we have seen that the Indian Volatility Index (VIX) has shown a rise indicating uncertainty at higher levels.

RESISTANCE: It has first resistance close to the level of 6241 & above this level the next resistance is seen near the 6331 mark.

SUPPORT: It has first support close to the level of 6131& below this level the next support is seen near 6068 mark.

On the call options front we have seen addition of open interest at strike price of 6200 and 6300. On the put options front we have seen addition of open interest at strike price of 6200 and 5900, some shredding of open interest was witnessed at strike price of 6000 and 6100.

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 some shredding of open interest was witnessed at strike price of 6000-6100, but still this is likely to provide immediate support for the coming days.