A positive day for Nifty with a mixed closing for the Sectoral indices. Broader markets also closed positive. Some kind of a pre-Budget rally is unfolding but there are doubts how far it can take the Nifty up. The breadth in NSE @ 680 advances for 796 declines is a continuous ongoing cause of worry for the bulls.
Nifty Intermediate Term
Nifty has finally decisively closed above 11850. RSI has also moved in the green zone with a dip at 50 two days back and a bounce today. PPO has also moved into positive territory. Expect followup till budget.
Nifty Short Term
Nifty moving up in a defined range and as I expect the bullishness to continue for next few days, about 12000 looks achievable.