Nifty Futures on last Friday trading session done a 6-day breakout which also brings the short term trend to be in the uptrending mode. More trading signatures of short term players piled on Friday trading session from the intrabar halfback references and weaker lows on last Friday trading session.
Fridays weaker low likely to act as a temporary support zone around 12055 levels. Though the levels are weaker it is more of a short term reference. Any acceptance below 12055 could change the short term trend to be on the trend reversal mode.
Nifty is trading very close to the all-time high and the current reference will be the upper edge of the short term balance. Last Friday Nifty Futures broken the balance and marginally trading above the short term balance.
Short pullbacks are expected on the Monday trading session. Price holding 12055-12080 is considered as a continuation of the ongoing uptrend. View could break if Nifty failed to sustain above 12055 – 12080 levels.