We have an immediate support at 12130 levels

The index bounced back today after correcting during the week. As mentioned that the narrow range candles have created value area which will act as resistance in the coming weeks. The weekly candlestick pattern is not very encouraging for bulls. We have an immediate support at 12130 levels, Nifty is expected to hold on to this to maintain the gains. Above this level Nifty is safe and can move up to 12340, 12410 & 12450. Nifty may face major hurdle at 12340 levels. As the budget sessions gets closer we may expect a surge in volatility and wild swings.