Yes, Risk Takers can trade in the zone 118-120 who don't complain of losing 3-5 points as returns are huge so it depends on your style of trading.
Scenario-1 (Most preferable)
Safe traders can trade below 112 for target zone 100-102 -once it dips below 112 then can put stops above recent highs or wait for 100-102 zone if hits & look for larger trend which is upside.
Scenario-2 (Next Likely)
Going above 121.50 & sustaining above 120 likely it moves for higher targets.
You would love to read my previous updates
Media Bell Rings 116-to 102 Amazing!
Magical turn below 122
Knocked 118.80 What Next?
Rocket Move Started from 107-108
GSFC 2016 Diary- 50+ points
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ