Fanning of 5 and 20 Double Exponential Moving Average (DEMA) along with relative strength index (RSI) sustaining above 50 with fresh 14 periods high post retest of its signal line supports the overall setup for resumption of bullish momentum in the coming sessions.
A decisive move above 12,040 could push Nifty towards 12,200 while any dips below 11,800 ahead of the Budget could trigger an unwinding pressure and push the index lower towards 11,650. Only a breach below 11,650 levels could derail the larger bullish structure in place. Hence, the short term traders are advised to retain their longs with a stop below 11,650 on a closing basis from here on.
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