Nifty closed flat even though it is a high drama day today because today being the monthly expiry day. Its a mixed bag for the sectoral indices. INDIA VIX at 14.64 reflects lack of any fear currently. Union Budget is the next big trigger,
Nifty Intermediate Term
It was an interesting day for both the Bulls and Bears. Markets rallied in the morning, remained sideways around noon and then corrected in the afternoon. It closed flat for the day. 11850 has indeed started acting as a resistance and the 11650 to 11850 should be the range going ahead.
Nifty Short Term
On the hourly Nifty charts, its a V-shaped reversal in the latter half of the day but eventually closed flat for the day. 11840 zone is resistance and Nifty may find it difficult to sustain above it.