Nifty closed at 11924 which is its record on a closing basis as it has been shy of 11900 on closing basis. 11800 -11900 has been an area which is dominated by bears. It has been many times Nifty was stuck between this, closed between this level but was not able to break decisively. In fact, on the D Day (results of elections) Nifty was not able to sustain and it closed below 11900 on the back of profit booking.
Today’s trading session saw lower strikes of 11800 – 11900 huge activity since morning as there was writing visible. Nifty is now in the uncharted territory on a closing basis and is now expected to be between 11900 – 12100.
Falling crude oil prices and near normal prediction has also increased some positive bias in the last few days. We believe these will have a positive impact in the short term on the market and we may see further buying coming in. Hence; buy the dips for an upside to 12050- 12080.
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