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Nifty could consolidate between 11,900 and 12,050 in short term: HDFC Sec

Previous top on the daily charts is placed at 11,794, which is likely to provide support to the index

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Nifty outlook
 
From the bottom of 10,790, registered on September 24, 2020, Nifty saw a sharp recovery towards 12,022. Nifty has registered a rise of 1,232 points from the recent bottom in the span of just 11 trading sessions. After such steep rise, Nifty could consolidate for a few sessions. The probable range would be 11,900-12,050. Previous top on the daily charts is placed at 11,794, which is likely to provide support to the index. Any level above 1,2050 could take Nifty towards 12,250 levels.

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Disclaimer: Vinay Rajani is Technical Research Analyst at HDFC Securities. The analyst doesn't have any holding in the stock. Views are personal.