Yesterday nifty and sensex both formed Bearish Belt hold like pattern at higher levels.
Indicating that Bulls possibly exhausted at current levels (cmp 12845). High made Yesterday 12934.
Now, Impulsive move has ended, we can expect corrective pattern from hereon.
Next important levels to watch in nifty are 12750. and 12550.
Technically, negative divergences formed in almost all major degree charts.
Hence, its time to book profits in long positions, not to initiate fresh long positions.