The Nifty Index last week once again witnessed heavy selling pressure at higher levels and ended with losses of 1.31% at 5373.70. On the derivatives front we have seen that the Nifty Futures prices ended in the red territory along with an overall addition of open interest and increase in the cost of carry, this is an indication of some longs being built at lower levels. For the coming week, support for Nifty is seen at 5310 mark, below this mark selling pressure may continue and in that case the next support range is seen at 5230/5180 whereas on the upside resistance continues to exist at 5540.

The Bank Nifty Index last week ended with nominal losses of 0.23% at 10715.90. On the derivatives front we have seen that the Bank Nifty Futures prices ended in the red territory along with an overall addition of open interest and increase in the cost of carry, this is an indication of some longs being built at lower levels. For the coming week support for Bank Nifty is seen at 10590, below this level selling pressure may continue and in that case the next support is seen near 10280/10188 whereas on the upside resistance continues to exist above the 11000 mark.

The CNX IT Index in last trading session ended with losses of 2.52% at 6552.65. On the derivatives front we have seen that the CNX IT Futures ended in the red territory along with an overall addition of open interest and increase in the cost of carry, this is an indication of some longs being built at lower levels. For the coming week, support for CNXIT is seen at 6482/6300/6140 levels whereas on the upside Resistance for the Index is seen at 6767 levels.

From the OI Concentration (Apr. Series) we can see that addition of maximum open interest on the calls front is existent at 5500-5800 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 5000 strike indicating this to act as major support on the downside.