Nifty is expected to continue its gradual journey within its immediate range of 12065-11580. A firm close above 12065 remains the immediate requisite for the momentum to become stronger as the stock & sector rotation remains healthy. Options data registered fresh OI additions in 11700 & 11800 strikes which primarily looks like fresh PE writing complementing towards bullish scenario. Momentum indicators are yet to witness an overbought state while there are no signs of divergence been displayed on its daily scale. Hence a breach above 12065 could push the index towards 12146 in no time which would be a key level for assessment of its ongoing strength, until then existing longs should be retained with a stop below 11580.
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