Technical outlook:
Nifty daily chart has formed "Rising channel" pattern. The last few sessions ended up sideways in trend after a gap up formation inside the channel. The market is expected to continue on bullish momentum, once the same breaks above a key resistance holding at 12010. The upside rally could be testing all the way up to 12150 level in upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 11800 level. Key support holds at 11800.
Research Report Call:
Buy above 12010 target 12150 stop loss 11900; Sell below 11900 target 11800 stop loss 11980