The Nifty May future closed 3.90 pts or 0.07 % higher at 5558.90. The Nifty future closed almost flat in gains with widens the premium to 14.15 from 3.55 and witnessed a slight increase in open interest by 0.24 % and increase in the cost of carry by 54.86 %. It indicates some fresh positions were added and so nifty future may show some uptrend in the coming trading sessions.

The Bank Nifty May future closed 367.85 pts or 3.20 % lower at 11143.90. The Bank Nifty future closed with the loss of more than 3% and witnessed an increase of open interest by 48.16 % and decrease in the cost of carry by 106.06 %. It indicates some fresh positions were accumulated in the short side and so some downside may be seen in Bank Nifty future in the short run.

The CNX IT May future closed 15.15 pts or 0.23 % higher at 6613.95. The IT future closed flat with the mild gains and widens the premium to 4.40 from discount of 28.20 and witnessed a decrease of open interest by 3.75 % and decrease in the cost of carry by 124.07 %. IT Future shown some recovery due to short covering but it still trading in the bearish zone and if fails to cross the level of 6700 then selling pressure seems to continue in it.

On the call options front addition of open interest was witnessed in the last trading week at strike price of 5600 to 5800.

On the put options front we have seen addition of open interest in the last trading week at strike price of 5500 to 5400.

OI Chart Analysis: In coming sessions market may trade in a range of 5400-5800. The call option strike price with the maximum number of open interest i.e. 5600 to 5800 will act as major resistance level where as the put option strike price with the maximum number of open interest i.e. 5500 and 5400 will act as major support level.