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It has been a volatile week so far for the domestic market.

During the recent fall, the Nifty slipped to a low of 11,930, which is exactly the 78.6 percent Fibonacci retracement level of the previous rally. Thereafter, we have witnessed this sharp surge in the market which has brought back the index above Monday’s high of 12,180.

This may be a sentimental shift, and which is why we expect the index to maintain this momentum in the coming sessions.

Until Nifty sustains above 12,050-mark, there is a possibility of reaching higher levels like 12,300–12,450.

However, on the upside, 12,400–12,500 could be a supply zone since that is the placement of a rising trend line.

Looking at the broader picture, we should pay attention to an important observation that the weekly and monthly RSI of Nifty is witnessing a negative divergence.