Nifty intra day movement is wide as posted in my earlier message. The range is getting wider. Due to higher VIX, both CEs and PEs are rewarding.
This week stands as an acid test for index. If it is able to hold higher levels, then we can see 11855/12100. Or else 11400 on the downside.
Last 30 minutes recovery seen during the last 2 days, taking nifty out of danger levels. This quick move erodes the premium built during the whole day.
11761 and 11570 act as strong resistance and support and we can expect a big move on either side if any of these numbers is taken out.
Do not be aggressive on any side. The bulls still have upper hand as we experience the last 30 minutes of trade during the last two days.
Good Luck!
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