After taking a breather on Thursday the bulls once again regained their grip on Friday, the Nifty closed at 10142.15 up 113 points, with global cues likely to be favourable and derivatives data reflecting an upward trend we are in for another week where bulls will be in control.

There has been active call writing at 10300 which holds an open interest of 17,95,650 in weekly contracts and 5,86,125 in monthly contracts and it will be a stiff resistance and if Nifty breaks the 10300 level it may test the 10500 which holds an open interest of 17,97,300 in weekly contracts and 16,17,675 in monthly contracts.

The support for Nifty seems to be at 10000 with 15,90,825 open interest in weekly contracts and 21,57,975 in monthly contracts also there has been substantial put writing in weekly contracts at 9900 strike and 9800 strike, 9800 strike holds the highest open interest of 17,56,560 for the week.

The strategy should be to buy on dips ,Buy around 9950-10,000 and the first target would be 10300 and if the Nifty starts to trade above 10300 then we may see the levels of 10500 . On the downside if we start to trade below 9900 it will turn negative.