Stock picks of the day: Here is why Concor, NMDC and ICICI Bank are Axis' top buys

On the weekly chart, Nifty has formed a bearish candle with a long lower shadow indicating buying at lower levels.

The index is moving in a higher top and higher bottom formation on the weekly chart indicating positive bias.

The chart pattern suggests if Nifty crosses and sustains above 11,850 then it would witness buying that would lead to a higher target towards 11,970-12,100.

However, if the index breaks below 11,600 then it would witness selling that would take the index towards 11,500-11,430.

Nifty is trading below its 20-day SMA that is an important short-term moving average, indicating negative bias in the short term.

Nifty remains in an uptrend in the medium term, so buying on dips continues to be our preferred strategy.