By Chandan Taparia Nifty opened negative on Wednesday and drifted towards the 11,000 mark, but bounced back from lower levels in the latter part of the session. It formed a Bullish Candle on the daily scale, but continued to form lower highs and lows, which has been seen for last three sessions. The index remained highly volatile throughout the day. The overall structure of the index is under pressure. As long as it holds below 11,250, it could extend its weakness towards the psychological support at 11,000 and then 10,950 levels, while on the upside hurdles are seen at 11,200 and then 11,250 levels.On the options front, maximum Put open interest was at 11,000 followed by 11,200 while maximum Call OI was at 11,500 followed by 11,300. There was Put writing at 11,000 followed by 11,100 levels while Call writing was seen at 11,100 followed by 11,500. Options data suggested a trading range between 10,800 and 11,300 levels.India VIX fell 0.15 per cent to 13.59 level.Bank Nifty drifted towards the 29,550 mark but bounced back sharply towards 29,000. It formed a Bullish Candle on the daily scale as it closed above its opening levels. It has been forming lower lows from last two sessions. However, it has broken the rising trend line, which was formed by connecting the swing lows of 25,599, 26,617, 26,719 and 28,871 levels. As long as the index holds below 29,000 level, weakness could be seen towards 28,550 and then 28,388 levels, while on the upside hurdles are seen at 29,250 and then 29,500 levels.Nifty futures closed positive at 11,128 with a gain of 0.30 per cent. Long buildup was seen in RBL Bank, Chola Finance, BEL and TVS Motor while shorts were seen in Bharti Airtel, Siemens and Shree Cements.(Chandan Taparia is Technical & Derivative Analyst at MOFSL. Investors are advised to consult financial advisers before taking an investment calls based on these observations)