Short term support is at 12040 below it Nifty may fall to 11840.

The weekly chart of Nifty displays strong comeback from buyers. The piercing bull candle in uptrend is a clear sign of strength. In the last session Nifty ended after a volatile session creating a narrow range candle, the daily prices halted at 61.8% retracement of the corrective leg. The RSI taking resistance at 45 ma and curling down while MACD is into bearish zone, indicate the momentum needs to be boosted further to maintain the overall trend up. Short term support is at 12040 below it Nifty may fall to 11840. If Nifty is able to maintain itself above 12040 it may rally to 12430 & 13000 levels.