Nifty future had sharp fall in Monday’s trading session and closed near to its support level. Now 5700 seems to be very crucial support level . If nifty break this level we can see some more downfall fall in it. One should take position after proper breaks out. Support for Nifty future is at 5725/5670 and Resistance is at 5860/5915. The Nifty Index in last trading session once again witnessed heavy selling pressure and ended at 5762.85 losing 2.40%. On the derivatives front we have seen that the Nifty Futures prices declined along with decline in the cost of carry but witnessed addition of open interest, this is an indication of shorts being built at higher levels.

RESISTANCE: It has first resistance close to the level of 58600& above this level the next resistance is seen near the 5915 mark.

SUPPORT: It has first support close to the level of5725& below this level the next support is seen near 5670 mark.

On the call options front we have seen addition of open interest at strike price of 5800, 5900 and 6000.

On the put options front we have seen addition of open interest at strike price of 5600, 5700 and 5800 whereas shredding of open interest was seen at strike price of 5900 and 6000.

OI Chart Analysis: From the OI Chart we can see that in January Series addition of open interest on the calls front is existent at strike price of 6000-6100 indicating it as resistance zone on the upside whereas on the put options front we have seen addition of open interest at strike price of 5600-5700 indicating it as immediate support on the downside.