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The overall structure of the market looks bullish as long as Nifty is making higher highs and higher lows formations.

However, it is noticeable that the index has formed a small body bearish candlestick pattern in the weekly time frame.

RSI is trading around 67 levels and sustaining above its 9-DMA and 50-mark which indicates strength in the current upside momentum.

Once Nifty surpasses the resistance zone of 12,300, it can march upwards to 12,500 as the level is near the rising trend line and upper band of Bollinger Band.

Near-term supports are placed near 12,046 which is the last 3 week’s lowest low.

Remember, the 5 week-DMA is standing near 12,150 level and a decisive close below it will be considered an early sign of trend reversal.

A sustained move above 12,300 level will push prices higher towards Fibonacci extension marks of 12,400 which can even extend towards 12,500 whereas base supports lie near 12,050.

For the Bank Nifty, as long as the index sustains above 31,800, it can rise higher towards 33,000 -33,500 levels. The trading range for the banking index for the week is 31,300-33,500.