>Weekly Derivatives (ICICI Direct)

Nifty Highlights

■The Nifty Spot has risen by 4.22% to close at 3620 from the previous week’s close of 3474

■ The total futures OI in the market stands at Rs 33983 crore whereas all options OI stands at Rs 36841 crore

Technical Outlook

•The Nifty formed a bull candle above the head of three week’s resistance of the 3500 mark. However, the higher shadow suggests profit booking at higher levels

• The short-term trend remains positive as long as the Nifty trades above 3500 levels, which is an important immediate support

• On the higher side, 3800 remains a crucial resistance

• We expect the Nifty to trade in the range of 3800–3500 levels for the coming week

• The resistance appears at 3750 and 3800, whereas support exists around 3600, 3500 levels

To see full report: DERIVATIVES 110509