Nifty needs to close below 12,790 to negate bullish set-up: HDFC Securities

Midcaps are likely to continue their outperformance for the coming days

Nifty outlook

After a pause on Friday, Nifty resumed its uptrend on Tuesday where it gained 140 points to close at 13,109 levels. The markets' trend is still bullish with higher top higher bottom formation on the daily and weekly charts  On the lower side, recent swing low of 12,790 will act as a support. Nifty needs to close below 12,790 level to negate the bullish set up.  

Therefore, for traders our advice is to remain bullish with the trailing stop loss of 12,790 levels. On the higher side, Nifty may find resistance in the vicinity of 12,300-12,400 levels where