Yesterday NIFTY tested key support level of 11100 and BANKNIFTY tested very important support level of 21000 and then both indices tried to find some ground at these levels and finally closed above these levels. We need to see if these levels can hold today as well !!

After huge fall on Monday Global markets recovered marginally yesterday and closed positively. US markets closed positively, European markets marginally up and Asian markets are trading with negative bias. SGX NIFTY is indicating flat opening today.

F&O Data Analysis (24th Sep series): More CALL writing done at 11200 and 11300 strikes yesterday. Some PUT writing done at 11000 and 11100 strikes. Highest OI on CALL side at 11500 & 11600; Highest OI on PUT side is at 11000 & 10500. No change in PCR and it is at 0.74. Maxpain is down by another 100 points and now at 11300.

Technically speaking 11085, 10890 and 10560 are important Support Levels; 11385, 11445, 11620 and 11800 are important Resistance levels based on Daily charts for Positional play. For today 11250 and 11300 are important Resistance levels and 11135, 11118, 11085 and 11000 are important Support levels. It is very important for BANKNIFTY to hold 21000 level, otherwise it can fall upto 19700 to 19500 range.

FIIs sold huge quantity of shares in Cash market and DIIs bought fairly good quantity.

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Disclaimer: Above analysis is just my opinion based on Technical Analysis, F&O Data study and my experience in the market. This information is for educational purpose only, and it possible that my analysis may go wrong. So, take your own decisions or consult your Financial advisor before taking any trading or investment decisions