From past few days market trading in a tight range 12170-12020.
Within the gap zone as mentioned in last update.
Directionles sideways momentum. Important to note that on Higher side resistance at 12170 and on lower side gap support at 12033.
It looks like this zone is equilibrium for Bulls and bears.
Bulls have important crucial support placed at 11927-11900 zone. This zone can be demand zone to create long positions. Any selling pressure can lead nifty to this critical support zone.
Bulls need to protect this crucial support zone in order to keep uptrend intact.
In case, Bulls fails to protect this support, can turn intermediate trend into Bearish.
Hence, 11927-11900 can be TREND DECIDING ZONE.
Move above important resistance zone12150-12170 would indicate resume of uptrend.
Hence, its important to watch 12170 on Higher side and 11900 on lower side for trend identification for next month.
Conservative approch is to wait till completion of Budget presentation and wait for market direction.
Close below 11900 is bearish, Close above 12170 is Bullish.
Wait for breakout of this range to initiate fresh trading position.
Regards,
Suryadev Bandari
Research analyst
www.earningwave.com
