The Nifty April future closed -6.45 pts or -0.11 % lower at 5854.90. The Nifty future closed with the mild losses and witnessed an increased of open interest by 4.57 % and decreased in the cost of carry by -50.79 %. It indicates addition of short position and Nifty future may show some more correction in the short run.

Last week the Bank Nifty Index ended with gains of 5.05% after the Budget announcement. On the derivatives front we have seen that the Bank Nifty Futures prices ended with gains along with decline in the cost of carry and decline in open interest, this is an indication of profit booking being witnessed at higher levels. For the coming week, immediate Resistance for Bank Nifty is seen at 11300 levels, above this level the next resistance is seen at 11545 whereas on the downside support for the Index is seen at 10510/10270.

The CNX IT April future closed +43.75 pts or +0.61 % higher at 7197.05. The IT future closed with the mild gains and witnessed an increased of open interest by 34.05 % and decreased in the cost of carry by 12.95 %. It indicates some fresh positions were accumulated in the short side and so some correction can be seen in it in the short run.

On the call options front addition of open interest was witnessed in the last trading week at strike price of 6000 and 5900. On the put options front we have seen addition of open interest in the last trading week at strike price of 5700 and 5800. OI Chart Analysis: In coming sessions market may trade in a range of 5700-6000. The call option strike price with the maximum number of open interest i.e. 6000-5900 will act as major resistance level where as the put option strike price with the maximum number of open interest i.e. 5700-5800 will act as major support level.