Nifty and Bank Nifty februrary future on the hourly charts turned to positional sell mode last thursday and currently the resistance zone comes near 6067 and 10315 respectively. Revese your position to positional longs only if the resistance breaks on the hourly charts.
Nifty Options Open Interest at 6000PE is still at strongest figures and option writers for time being believing 6000 as support for option series. One have to closely monitor the 6000PE Open Interest action to get further cues on the direction. Unwinding in 6000PE could lead to more downside in nifty. It should be noted that 6000PE writers are building huge open interest right from the start of the februrary series