NIFTY gained good buying momentum yesterday with support from Auto sector, HDFC Bank and Reliance to an extent. NIFTY closed margin above 11585 which was previous swing high. BANKNIFTY also showed decent strength at lower levels but it has to cross its key Resistance level of 22760 decisively to gain momentum.

US markets Nasdaq (Tech stocks) closed more than 1% down and other indices marginally down. Asian markets are trading mixed but with negative bias. SGX NIFTY is indicating gap down opening by around 70 points. FIIs continued buying in Cash market and DIIs sold. But FIIs nett short in FUTURES.

F&O Data Analysis (17th Sep series): More PUT writing done yesterday at 11600, 11550 and 11500 levels. As a result of this PCR jumped from 1.09 to 1.45 and Maxpain is also up by 50 points and now at 11550. CALLs at 11500 and 11550 unwinded. Highest OI on CALL side is at 11700 followed by 11600. On PUT side highest OI at 11500 followed by 11400. From F&O analysis today expiry is likely to be between 11700 and 11400.

Technically speaking 11510, 11440 and 11380 are important Support Levels and 11560, 11615, 11650 and 11700 are important Resistance levels for today expiry.

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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.