Up momentum Begun at around 11900 support and continuing...

Bulls staged back at around support zone 11900 and took nifty upward towards previous highs 12295.
Today's High 12271. Shy of 24 points from previous peak.
As nifty bounce sharply from 11930 to 12270 sharply, we can expect minor retracement today towards 23.6% retracement at12195 zone initially.
or 38.2% retracement at 12150.
Around 12150, crucial support exists, that would be best point to initiate fresh long positions.
As major momentum is up , every dip is a buying opportunity.
On upside, 12300 first resistance then 12360 2nd resistance.
Supports 12190-12150.
Suryadev Bandari
Research Analyst

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