On looking of daily chart of Nifty, it shows that Nifty is making an Inverse cup and holder formation. Lets wait for the breach of trendline around 11810 levels for downside position. Short Nifty if breaches 11810 levels for big potential downside according to pattern downfall.
Trade active:
Market is still range bound. The resistance & support are placed in a range of 12000 and 11800 levels and also present in Inverse cup and handle position. There is no range breakout till time and Nifty is in no trade zone. Option writers are making money only by selling option of both side. One may also take a short position around 12k resistance levels if reached during Intraday.