If nifty fails to move above 12300 then most probably it will

Nifty ended up in a state of confusion. There was no defined action, being the week ending on weekly expiry this was much expected. However Nifty seems to be under pressure. The 12300 levels are intact from last few weeks and has been acting as a effective resistance. If nifty fails to move above 12300 then most probably it will test 11990, 11850 & 11600 in the weeks to come, to get its bullish signature back Nifty needs to break above 12300. Above 12300 we may see Nifty move up to 12390 – 12650 levels.