NIFTY is trading in a rising channel at around 12000.00 key psychological level and formed a double top formation which is a clear sign of bearish trend. We can expect short term retracement towards 11625.00 which is a previous high turned support level and the next primary target would be 12400.00. If the 11625.00 level was broken then the immediate downside target would be 11405.00 which is a .50 Fibonacci level. From this level we can expect bullish re bounce. For the past 05 trading days NIFTY was in clear bullish trend.
Nifty should be going upward as Put sell is heavy in this price action .so we will be very careful at this level .buy for long bid up.
velmunis
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my bias is towards north only and I am expecting that it will reach the lower side of the support level. Currently it has formed a double top formation