Nifty after testing 12034 spot, faced selling pressure on Friday, Formed Evening Star Formation, which is normally a Bearish indication. To confirm Bearish trend, nifty needs close below 11850-11800 zone.
As long as this support zone holds, Bulls likely to bounce back and take nifty above 12000 levels again.
Pattern wise, nifty still trading above its supporting trend line. Unless this support trendline breaks, trend deemed to be Bullish , Buy on Dips mode.
Closing is crucial for trend confirmation. Close below 11800 spot, Bearish. Close above 11900 Bullish for short term point of View.
Elliottwave Point of View, One more bounce to 12100-12250+ is due to complete the pattern.