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Nifty50 rallied for the second consecutive day in a row on Wednesday and closed above its crucial level of 11800 on closing basis. In the broader market space, the S&P BSE Smallcap index rose 0.47 percent while the Midcap index closed with gains of 0.85 percent.

The index closes just a shade below 11850 levels. Going forward, a breakout above 11,850 levels index can infuse a rally which could take the index towards 12,000-12,100 levels.

On the downside, supports are seen at 11,650-11,590 levels. In Nifty options maximum, open interest for Put is seen at strike price 11,700 followed by 11,600; while for Call maximum open interest is seen at 12,000 followed by 11,800.