It was a day of consolidation with slight upward bias in NIFTY yesterday. BANKNIFTY also showed some strength yesterday after creating some base between 22100 and 22300.

US and European markets closed positively yesterday. Asian markets and US futures trading flat. SGX NIFTY is indicating a flat opening today. Markets across the world seems to be consolidating currently.

F&O Data Analysis (17th Sep series): Highest OI on CALL side shifted from 11500 to 11700. Highest OI on PUT side is at 11400, however more PUTs written at 11500 and 11400 strikes. PCR is up at 1.09 from 0.9. Maxpain is also up by 50 points. Huge CALL writing done at 11500 and PUT writing seems to have shifted to 11200. This data indicates this week series may close between 11400 and 11700.

Technically 11585 and 11380 are important levels for positional trades any break out above or below levels will only find new direction. Important Support & Resistance levels for NIFTY based on Daily charts for positional: Support: 11440, 11380, 11300, 11185 and 11100. Resistance: 11585, 11700 and 11800. For today, Support: 11500, 11460, 11380; Resistance: 11560 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.