Nifty Future managed its strong support of 5700 level and saw a strong recovery in last hour. It is a good sign of recovery. But one should take position after proper break out. Support for nifty future is 5700/5670 and has resistance is at 5860/5915 levels. The Nifty Index in last trading session witnessed both side movements. It tested the levels of 5700 and rebounded to give a flat close at 5754.10. On the derivatives front we have seen that the Nifty Futures prices ended flat along with the rise in the cost of carry but witnessed shredding of open interest, this is an indication that markets witnessed some amount of short covering at lower levels. On the options front we have seen that the OI PCR is trading below the level of 1 and is on decline due to shredding of open interest being seen on the put options front. On the volatility front the Indian Volatility Index (VIX) has seen some decline indicating some relief at lower levels.

RESISTANCE: It has first resistance close to the level of 5860& above this level the next resistance is seen near the 5915 mark.

SUPPORT: It has first support close to the level of 5700 & below this level the next support is seen near 5670 mark.

Bank Nifty had short covering after a sharp fall in last days, and closed near to its days high. It can take more up moves from here. One should take position after proper break out in it. Resistance for bank nifty is at 11140/11324 and support is at 10633/10565 level.

RESISTANCE: It has first resistance close to the level of 11140& above this level the next resistance is seen near the 11324 mark.

SUPPORT: It has first support close to the level of 10633 & below this level the next support is seen near 10565 marks.