Nifty seen touching 11160-11240

Nifty is inching towards 2 year resistance line, whose value today is 11160. The bull run since Gujarat elections (December) has also broken out of its channel and is likely to take support from earlier resistance. These two cross at 11245. Reaching the resistance is expected to take anywhere between 1 and 14 days, giving a return opportunity of 0.9 - 1.6% over yesterday's close.

Depending on foreign funding situation, the 2 year resistance may be broken and Nifty may try 11500 levels at the top of channel drawn in parallel.