Resistance at 4200 levels

F&O OUTLOOK

Nifty Futures closed above the first major resistance level of 4180 at 4194. According an analyst with Motilal Oswal, a 12-point price gap is visible on daily chart between 4154 and 4142 and this area is expected to act as a support level.

On the weekly chart, Nifty Futures closed 30 points higher than the previous week's close at 4150, this indicates continuation of the uptrend.

As mentioned earlier, 4200 and 4230 are resistance levels for Nifty futures and the resistance levels show short-term trend reversal in a consolidation phase. 

F&O SNAPSHOT
	Turnover (rs crore)*		Open int ('000)**
	Jan 25,07	Feb 02,07	Jan 25,06	Feb 02,07
Nifty	63631.3	42859.26	86862	59850
BANKNIFTY	348	404.9	170	106
CNXIT	10.83	4.31	13	5
Stock	101722.2	70350.27	1384846	1227971
NSE Total	165712.3	113618.7	1471891	1287932
Sensex	2133.15	2372.08	62	29
Stock	216.77	215.38	41	51
BSE Total	2349.92	2587.46	103	80
*Weekly aggregates notional value,**In shares

A trendline resistance on weekly chart is also indicating 4230 as a resistance level and any close above this level for two trading sessions will trigger a strong upmove.

The trailing stop-loss for positional buying calls has moved upwards to 4050 level. Infrastructure, private banking and telecom stocks moved sharply upwards and the ongoing uptrend can be seen in a rotational way between F&O stocks.