Nifty has been witnessing a tug of war testing its band of short and long-term averages with swing trades over the last seven trading sessions. Either side breakout would give a follow-up of another 200-300 points with a higher target of 11,050-11,100 levels. Earlier resistance of 10,550 levels would interchange its role as a support. On the derivates side, we have seen put writing at 10,450-10,500 strikes. We remain positive till 10,480-10,550 level is not breached on the downside. Bank Nifty index has key support in the range of 20,800-21,000 levels and the positive views will be negated if it breaches 20,400 on the downside. The potential targets on the higher side are placed at 23,200 levels over the next few weeks. The first-quarter results declared so far are positive with strong price action coming in Wipro, Infosys and Bajaj Consumer after the results and we continue to believe there will be more earnings reaction after the management commentary in individual stocks and sectors.