Bears struggling to crack Bulls support zone.

After testing our projected  resistance 12272-12280. Nifty again came down due to global market sentiment. Today Bulls trying to put fullstop to Bear pressure and opened higher. Protecting important support zone. Here, Bulls have advantage of cushion of support in gap zone -12036-12065 zone. As long as this support zone holds, Bulls have clear advantage.
Bears come under pressure once nifty move past above 12161 spot.
Many of stocks trading near support zones, hence any time Bulls can lift market higher.
Avoid short selling. Momentum slowly inching upwards.
Conservating buying can initiate above 12161 spot.
Above 12161, next higher target would be 12272-12280 zone.
Resistance 12161-12272.
Supports 12065-12036.

Suryadev Bandari
Research Analyst

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