Capitalaim morning update

A weekly close above 11,860 this week would help the market to move towards 11,980-12,020 again. The broader and the larger trend of the market is bullish and it is unlikely that the index will break and sustain below 11,600, which was the low point of the election outcome day.

On the higher side, we can expect limited upside till the Budget. Above 12,100, Nifty has scope to climb up to 12,300 and a slip below 11,720 would gradually take the index towards 11,600.

The strategy should be to take benefit of the trading range and execute contra trades near the upper and lower trading range of the market.In the current week, build long position above 11,900 or short around 12,000 keeping a final stop loss at 11,820 and 12,100, respectively, for the same. Options data is suggesting us to trade short at higher levels

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