>Weekly Derivatives (ICICI Direct)

NIFTY HIGHLIGHTS:

* The Nifty Spot has risen by 0.20% to close at 3474 from the previous week’s close of 3480

* The total futures OI in the market stands at Rs 40780 crore whereas all options OI stands at Rs 60502 crore Futures Vol(In Shares) Nifty Spot Nifty Future

TECHNICAL OUTLOOK

• The Nifty formed ‘Hanging Man’ like pattern on the weekly charts. Although this is not a bearish pattern, it could turn out to be a bearish one, if the market trades below the close of the week at 3474

• On the other hand, firm trading above the weekly high of 3520, would trigger further upsides up to 3,630

• On the downside, good support appears around 3350-3300 levels

• We expect the Nifty to trade in the range of 3630–3300 levels for the coming week

• The resistance appears at 3525 and 3630, whereas support exists around 3400, 3360 levels

To see full report: DERIVATIVES 040509