Nifty headed for 5500-5700 zone

The markets consolidated in the 5300-5400 range last week. The baseline strength gained in spite of front-liners showing consolidation. The pressure at 5400 was anticipated and the market took a breather. The carry had turned flat on Monday and Tuesday after being positive by around 10 basis points, indicating the cautious stance of traders. Open interest (OI) trends in Nifty remained more or less flat with OI rising in initial part and declining later due to unwinding. Sectorally, power and…