NIFTY was very volatile yesterday. Opened with 90 points gap up and then later fell 180 points from Day’s high. As a result of this selling pressure VIX also went up. BANKNIFTY contributed for most of this fall as it continued to remain weak and whereas NIFTY IT index stocks saved NIFTY from BIG fall as IT index up by more than 4%.

US markets closed positively, Asian markets are trading flat to positive bias. SGX is indicating flat to 20 points gap up opening. FIIs bought and DIIs sold in cash market with small quantity of 200 crores nett.

F&O Data Analysis (17th Sep series): Highest OI on CALL side at 11500 & 11600 levels; Highest OI on PUT side is at 11400 & 11200. PCR is down to 0.9 from 1.1. Maxpain is up by 50 points surprisingly. Huge CALL writing done at 11500 and PUT writing seems to have shifted to 11200.

Important Support & Resistance levels for NIFTY based on Daily charts for positional: Support: 11380, 11300, 11185 and 11100. Resistance: 11585, 11700 and 11800. For today, Support: 11410, 11380, 11330 and 11300; Resistance: 11480, 11520, 11550 and 11585.

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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.