Manav Chopra, CMT, Head Research - Equity at Indiabulls Ventures: Bulls take a day off, 11,850 zone has not been breached so far. Below ths zone profit-taking towards the lower support zone of 11,700 is likely. Index currently is witnessing a phase of consolidation. Broader trend continues to remain positive and traders should utilize dips towards support zone to build long positions. Overall we continue to maintain our positive view on the index for new all-time highs above 12,100. Support is at 11,850-11,700 and resistance is at 12,000-12,100.
Bank Nifty relatively performed better. In the near term, 30,400-30,600 is the support zone for the index, breach of the support zone can trigger a sharp profit booking towards the next support of 29,700. A near term consolidation phase cannot be ruled out. Broader uptrend continues to remain intact and overall fresh all time highs for Bank Nifty is on the cards. Support is at 30,400-30,000 and resistance is at 31,100-31,400.