For Nifty, the previous swing high resistance of 11,550 could hold the recent consolidation band.
Nifty formed a small candle within a trade range but on the weekly charts it formed Doji Candle which indicates that only declines are being bought but follow-up is missing at higher levels.
Nifty needs a decisive breakout to commence the next leg of rally. Volatility has to cool down and then only there will be stability in the market. If Nifty fails to hold 11550, then immediate short term trend may turn negative, says Chandan Taparia, Technical & Derivative analyst, Motilal Oswal.