Nifty future have rallied from 4550 to 5350 level this 800 point bounce is still of doubt for us, on charts nifty future will change its trend only on closing above 5400 for at least 2 days. Then only we will look for buying opportunities, as this down trend will change into uptrend on breaking and closing above 5400 level. We have also seen a trend line on weekly chart acting as resistance, so 5400 level becomes extremely important and it will decide whether nifty is going 5600 or moving back to 5200. On looking at nifty options open interest data we find, nifty 5500 call options has highest open interest hence making it near term top for current F&O series. Also nifty 5200 put option has highest open interest among put option, so short term bottom lies at 5200 for nifty future. Also upside in index heavyweight like reliance are yet to cross the hurdles of resistance, for reliance 900 is level which needs to be crossed. ICICI bank has been major mover from banking space there is still more upside for ICICI bank as we look into the charts. Other factor that may help nifty to move above 5400 is reduction in interest rates and lower inflation numbers.