For looking at the chart closely, You will appear that 11144 nearby selling has not much risk. For sellers, the risk is low and reward is high. Intellectual traders should choose lowest risk and high reward.
Yes, absolutely selling is good decision at resistance but, question is how to identify UP-BREAKOUT?
Suppose you have sold Nifty / bought the PUT 11144 nearby, keep Stop loss in mind strictly as 30-40pnts risk to loose. Exit strategy, incase price move and touch near the your stop loss, font be afraid. Just watch volume and price move. Exit from sold position if heavy volume only.
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Reason to sell : 1) Previous Resistances are existed which are very strong. 2) Retracement is also at 61.8% 3) If i get the chance to trade higher level (11144 nearby), then lowest risk involved.
in my opinion market generally does not move in one direction continuously even in bearish or bullish trend. it has to retrace/pullback/and show some profit booking after back to back up move. also bnf looks exhausted (i may be wrong*) no one is 100% here, if so that person can be millionaire in few months