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The week gone by was an action-packed one, wherein we witnessed a tug of war between the bulls and the bears.

Nifty started the week on a pessimistic note, following negative global cues, and as the week progressed, Nifty tumbled almost 200 points from its previous close to reach near 11,900 mark.

However, a strong recovery in the last couple of sessions helped the index recover from losses and close the week near 12,100 mark.

Eventually, Nifty ended the week with a loss of 0.27 percent, whereas the Nifty Bank index closed with a gain of 0.35 percent.

The pullback in Nifty from the lows of 11,900 has taken a halt near 12,152 mark, which is exactly the 61.8 percent and 78.6 percent Fibonacci retracement zone of the correction from 12,247 to 11,908.

From there, we witnessed some selling during the previous session. On the weekly chart, Nifty still has a lower-bottom formation after August 2019.

Even the Nifty Bank index has been an underperformer for the last few sessions.

Due to the technical pieces of evidence mentioned above, we are of the opinion that the ongoing upward move is just a pullback rally of the fall.

Yet again, higher levels like 12,200–12,300 could be used to exit longs or create short positions.