JM Financial Services expects Nifty to hit 12,300 by Diwali

Nifty could trade in the band of 11450 to 11650 for the time being but over the next days we could see a breakout coming above 11650 and once that is confirmed, the market is likely to move towards 12000 initially and possibly 12300 by Diwali, said Gautam Shah, Director & Technical Analyst at JM Financial Services.