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In the penultimate week, we saw some indecision in the Nifty market around the 12,000 mark, which eventually resulted in a decline towards 11,900 levels.
We have been quite vocal since the last few weeks that it is a matter of time before we see the Nifty clock fresh highs and finally it has become a reality.
The benchmark index has registered its highest ever weekly as well as monthly close and the way charts are shaped up, we expect a continuation of the northward trajectory.
This week, our projected targets are around 12,200-12,290. If we stretch the time period a bit, we will not be surprised to see the index heading towards 12,400-12,500 levels, which coincides with key Fibonacci ratios.
On the lower side, 12,000 followed by 11,883 are likely to provide strong support to the market. Traders are advised not to remain sceptical as the recent rally has been vertical in nature and looks a bit overbought.
In such a strong trend, the market generally tends to offer gravity-defying moves. Hence, one should refrain from taking co