Nifty on Tuesday trading session ended positive and close around fresh all-time high and it is been a one-way rocket since the Iran Missile Attack.
Short term sentiment continues to be on the positive side for the last 5 trading sessions and price is one timeframe on the daily timeframe. Immediate supports got built around 12345 levels
Jan Monthly Expiry suggests a short term trading range between 12000 – 12500 levels and so a mixed response is a possibility here favoring neutral strategies in a very short term.
Late spike is witnessed on Tuesday trading session and hence the spike rules are applicable for Wednesday trading session.
Price holding above 12345 is likely a bullish scenario. However, any acceptance below spike base presents a short term shorting opportunity towards the weaker POC 12240 levels. The major support zone got built in the band of 12200-12240 levels.
Short term inventory goes long to too long. In a very short term traders have to be a bit cautious about their short term long holdings as the emotions from the short term momentum traders are running higher.
