Yesterday we witnessed steep fall due to geopolitical news effect. Markets corrected to 66%-78% retracements in indices.
As expected yesterday, today fresh upmove has begun. Bulls successfully opened with huge gap up.
Next upside resistance at 12173. Once bulls succeed to move above this level, huge short covering rally can take nifty much higher. Probably wave3 impulsive wave has begin, we can witness more gaps up moves on upside. Buy on Dips mode.
Technically oversold, avoid short selling.
Technical indicators back to buy mode.