Use correction to go long on Nifty; RIL, Quess Corp can return 6-11%

Any close above 11,700 levels would result in further short covering which might push the Nifty to even 12,000 levels in coming months

Nifty, after taking support from the gap created on September 23, recovered more than 80 points from the low to close with the losses of 38 points at 11,474 levels on September 30. Though the Nifty has fallen nearly 300 points from the recent high to a low of 11,390 levels, the primary trends is still intact as it is still trading above its 200-day SMA. Oscillators and momentum Indicators like RSI and MACD have been showing strength on the daily and weekly charts for the Nifty and Bank Nifty.

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