NIFTY settled above 11,400 mark after two days of consolidation, where positive global cues and buying in the index heavyweights supported the up-move. Major technical indicators on the weekly scale are trading above their averages, signaling strength in the index. We believe the index will keep moving higher, where its 118% Fibonacci Extension levels of prior up-move (9,952-10,929) placed at 11,570 level will cap the up-move. Though daily technical indicators are trading around their overbought zone and overall market breadth turned neutral, our bullish view will remain intact, where any decline from here will provide good entry point. On the lower side, now the index will find strong support at 11,240 mark, which coincides with recent swing low.

As for the day, support is placed at around 11,390 and then at 11,330 levels, while resistance is observed at 11,500 and then at 11,570 levels.