Yesterday NIFTY gave surprise by opening gap up about 80 points but that surprise did not withstand as selling kicked off particularly from 11:45 am onwards across the sectors. Crucial support levels were broken for both NIFTY and BANKNIFTY during intraday and finally buying came in the last one hour in Banking and Index heavy weight stocks. So, it was a very volatile day.

US markets fell by 2 to 3% yesterday which dragged European markets as well to margin profits from awesome profit levels of 2%. All the Asian markets are in RED with more than 1% cut and SGX NIFTY is indicating gap down opening by around 130 points at 11000 level.

F&O Data Analysis (24th Sep series): More CALL writing done at 11200 and 11250 strikes yesterday. Some PUT writing done at 11000 and 10950 strikes. Highest OI on CALL side at 11300 & 11200; 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 11200. Looking at likely gap down opening of NIFTY PUTs will be pushed down after opening and aggressive CALL writing is expected for today expiry.

Technically speaking 10970, 10890 and 10560 are important Support Levels; 11185, 11260, 11385, 11445, 11620 and 11800 are important Resistance levels based on Daily charts for Positional play. For today 11085, 11150, 11185 and 11260 are important Resistance levels and 11000, 10970, 10890, 10790 and 10700 are important Support levels. It’s going to be tough expiry trade cautiously. Better to avoid or trade with small quantity in the opening. CALL strikes above 11200 & 250, PUT strikes at 10700 and below at opening may be attractive but very difficult to predict what is safe strike on downside today.

FIIs sold huge quantity of 3900 Cr shares in Cash market and DIIs bought 1600 Cr 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