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The first three sessions of the week were dominated by the bears as Nifty spot remained under pressure.

On January 2, the bulls displayed their strong character and retaliated back by pulling up the Nifty around 100 points from its previous close.

On a weekly basis, Nifty is trading near 12,300-mark with a change of 0.30 percent. The Nifty Bank index, too, is now trading with a minor change of 0.10 percent week-on-week.

Previously, we had a view that Nifty would trade in the range of 12,000–12,300 during the week, and only a move above or below this range would dictate the further trend.

Currently, the index is hovering just below the top end of this range.

Going ahead, a move above 12,300 would confirm a fresh breakout, which can pull the index towards 12,400–12,450 levels.