Nifty futures set to consolidate between 21500-21800 levels as FIIs adjust positions; Pharma and Chemical sectors show promise By Ajit Mishra The January series Nifty futures started with a premium of around 220 points. The Nifty rolled around 80% and Bank Nifty around 81%. For the Index futures, FIIs have increased the long positions to 70% from 36% at the start of the January series.The Index is now likely to consolidate till 21500 is not breached on a closing basis, for the first fortnight of the December series. 21500-21550 might be the immediate support and only a decisive close below it might bring in further downside.VIX for the Nifty is currently at 14.5 and likely to remain in the 12 to 16 range implying a range of around 800 points.FIIs started this series with Long position in Index futures of around 70% vs 36% last month, which are currently marginally down to around 69% shorts. Above this, Nifty is to be positively biased for the short term towards 21800. With FIIs marginally reducing their long positions, we expect Nifty could consolidate between the 21500-21800 levels. The ratio between Bank Nifty and Nifty is currently at 2.21, this ratio has a support at 2.19 and resistance near 2.28. We expect Bank Nifty to underperform the Nifty this series. Sector-wise, Pharma and Chemicals look good in Nifty. Nifty Call Spread:- Sell Nifty 4 JAN 21600 CE @ 120Sell Nifty 4 JAN 21600 PE @ 100Spread @220, SL @ 270, Target 120.