The Nifty Index last week ended with good gains of 5.22% at 5654.25. On the derivatives front we have seen that the Nifty Futures prices ended in the positive terrain along with nominal shredding of open interest and increase in the cost of carry, this is an indication that short covering was witnessed. For the coming week, immediate Resistance for Nifty is seen in the band of 5740-5800, above the 5800 mark the next crucial resistance will be faced at 5880 whereas on the downside major support for Nifty is seen at 5350 levels.

The Bank Nifty Index last week ended with gains of 6.26% above its 11000 mark at 11387.30. On the derivatives front we have seen that the Bank Nifty Futures prices increased along with an overall  addition of open interest and increase in the cost of carry, this is an indication of longs being built at lower levels. For the coming week, Resistance for Bank Nifty is seen at 11827/12011 levels whereas on the downside Support is seen at 10661/10510 levels.

From the OI Concentration (Apr. Series) we can see that maximum addition of open interest on the calls front is existent at 5700-5800 strike indicating this range to act as resistance on the upside whereas on the put options front we can see that maximum open interest is accumulated at 5500-5300 strike indicating this range to act as major support on the downside.

Nifty was in Bullish trend form last 2 days it closed at 5674, up by 2.31%, Nifty Future looking bullish for next trading session if it manage resistance level of 5715, otherwise form the support level of 5570 it would be bullish trend.

Nifty Resistannce  - It would be 5715 & 5800

Nifty Support - It would be 5570 & 5510