Nifty opened with a mild gap down, but was able to hold 12170 and quickly crossed 12200 in the first hour of trade. It was unable to cross the hurdle 12247 till 1 Pm. But later part of the day saw a move up to 12272 and finally closing at 12248.
Unless a follow up buy on Monday holds 12171 and 12232, the bullishness is not confirmed.
The recent swing of 12087-12430, places retracing level up to 12300. Anyone holding long position should book profit at 12300. A daily close above 12300 only can take nifty to new levels.
Range for next week : NIFTY - 12089-12367/383 BN - 30800-31700.
Good Luck!
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