Nifty needs to hold 11,800 for further upside: CapitalVia Global Research

We can witness short-covering move along with addition of fresh position only if Nifty breaches 12,000

Nifty outlook

Last week, the markets traded in close range amid strong global cues. The Nifty index managed to close at 11,930.40, adding 33.90 points. Auto, media and technology stocks traded with positive sentiments whereas realty and pharma sector closed in red mark. Nifty bank closed at 24,478.30, slashing 5.85 points from the previous day’s closing. Nifty, as such, closed above 11,800 on weekly level and it might act as immediate support for the index.
 

As per weekly option data, handful of put writing on lower strikes ranging from 11,700 to 11,900 is witnessed which shows Nifty would face firm