NIFTY rallied 150 points yesterday on back of spectacular huge move in RELIANCE by more than 7%. NIFTY touched its first Resistance point of 11450 yesterday but didn’t break about it. This is a good short covering rally.

Now its interesting and difficult to opinionate about NIFTY move. Today afternoon session is going to be very important. NIFTY need to close above 11585 to gain full strength and will become weak if closes below 11325. Now RESISTANCE for NIFTY is at 11510 and 11585. SUPPORT in the zone of 11380 to 11400 followed by 11300 and 11185.

F&O Data Analysis (17th Sep series): Highest OI on CALL side at 12000 & 11500 levels; Highest OI on PUT side is at 11300 & 11200. PCR is at 1.15 and Maxpain at 11400.

FIIs turned net Buyers yesterday and DIIs continued selling.

Made 3.43% ROI in one of the tough expiry yesterday. Sold 11700 CALLs earlier this week expired worthless to keep full profit. Today i might initiate Iron Condor or Bear Call Spread strategy today after observing NIFTY moves in first half.

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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.