Nifty in consolidation mode. Any time profit booking can intensify.

Nifty tested 12100 yesterday but today due to lack of follow up buying, it facing selling pressure at higher levels and failed to sustain above 12100 level. This is indication of bulls exhaustion. 12000 spot level is crucial support for Bulls to move upwards, In case, nifty breaches 12000 spot level then we may see lower levels of 11950-11900 from current levels. Technical indicators not supporting upward momentum. Hence, Long holders be alert. Book profits wherever possible.
Majority of Sectoral indices in selling mood.
Suryadev Bandari
Research Analyst

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