By Chandan TapariaNifty50 had a volatile session on Monday, as it opened in the negative and tested its major support band in the 11,380-11,400 zone, but recovered sharply in the latter half of the day. It formed a Hammer kind of pattern on the daily chart, as the decline got bought into.At the same time, supply was intact at higher levels. Now, Nifty has to hold above the 11,380-11,400 zone to witness a bounce towards 11,550 and 11,600 levels while on the downside supports are seen at 11,380 and then 11,333 levels.On the options front, maximum Put open interest was at 11,000 followed by 11,500 levels, while maximum Call OI was at 11,500 followed by 12,000 levels. There was Call writing at 11,500 followed by 12,000 levels, while marginal Put writing was seen at 11,300 and then 11,200 levels. Options data suggested a broader trading range between 11,200 and 11,800 levels.India VIX fell 1.47 per cent to 15.87 level.Bank Nifty broadly underperformed the equity benchmark and corrected sharply towards the 29,000 mark. It formed a Bearish Belt Hold candle on daily scale and negated the formation of higher lows after three sessions. Now it needs to hold above 29,400 level to witness a bounce towards 29,750, while a hold below the same could drag it towards 28,750 and then 28,500 levels.Nifty futures closed negative at 11,543 level with a loss of 0.31 per cent. Long buildup was seen in Hexaware, Bharti Airtel, ICICI Pru life and Idea while shorts were seen in RBL Bank, YES Bank, L&T Finance and PEL.(Chandan Taparia is Technical & Derivative Analyst at MOFSL. Investors are advised to consult financial advisers before taking an investment calls based on these observations)