Domestic indices witnessed a lot of volatility in the trading session on Wednesday, September 11. This was because investors were waiting for the US consumer inflation report for August, which will influence the scale of interest rate cuts by the Federal Reserve next week. Benchmark indices closed weak. Sensex fell 398 points or 0.49 per cent to 81,523.16 and Nifty fell 122.65 points or 0.49 per cent to 24,918.45. A total of 1,619 stocks rose, while 2,345 declined and 106 remained unchanged in price.

According to experts, Nifty has rebounded on the daily chart from the support zone between 24,800 and 24,850 on the daily chart. Price and momentum indicators suggest that the market may consolidate within the range of 24,800 to 25,200.

Key Levels for Nifty50

Support based on Pivot Points: 24915, 24789.1 and 24555.4

Resistance based on Pivot Points: 25148.8, 25256.5 and 25490.2

Special Formation: Nifty on the daily chart has formed a small bearish candle on an intraday chart. It has formed a lower top formation, which indicates temporary weakness.

Key Levels for Bank Nifty

Resistance based on Pivot Points: 51439.45, 51606.6 and 52014.35

Support based on Pivot Points: 51031.7 50791.1 and 50383.35

Special Formation: Daily Bollinger bands are contracting, indicating uncertainty in the market. In the short term, Nifty Bank may remain in the range of support of 50,650 and resistance of 51,380 followed by 51,500.

Nifty Call Options Data

As per weekly options data, the maximum call and put open interest was at 25000 strike (with 2.22 crore call and 1.97 crore put combined open interest), making it a dominant straddle position in the short term.

Heavy Call writing was witnessed at 25,100 strike (1.33 crore combined open interest), which acts as a key resistance level.

Nifty Put Options Data

On the put side, the maximum open interest was at 25,000 strike (with 1.97 crore combined open interest), which provides key support for the Nifty. This was followed by 24,500 strikes with 1.73 crore combined open interest.