Manav Chopra, CMT, Head Research - Equit at Indiabulls Ventures: The phase of consolidation continues on anticipated lines. Nifty traded in a very narrow range throughout the session. Market breadth was on the negative side. We expect Nifty to test 11,700 zone on the downside. Broader uptrend continues to remain intact. Dips towards the support zone should be utilized to build long positions as on a positional basis we remain positive on the Nifty and believe new all-time highs are coming above 12,100. Support for Nifty is at 11,700-11,550 and resistance is at 12,000-12,100.
Bank Nifty did relatively better compared to the benchmark index, however near term charts suggest there could be correction towards 29,700-30,000 zone. In the near term, 30,900 zone is likely to act as a resistance zone. Only a move above 31,200 would negate the near term correction. Broader uptrend remains intact and traders should utilize corrections towards the support zone to build long positions as the overall structure remains positive. Support is at 30,400-30,000 and resistance is at 30,900-31,200.