Nifty has been unable to sustain above the 12000-12050 mark. It will be crucial for the markets to give a breakout above 12050 with a broad market participation in order to confirm the continuation of the broader uptrend.
Otherwise we may see a consolidation phase which would be a time wise correction. On the lower side 11870 followed by 11770 have become very crucial supports. Broader trend for market is positive.
Short term trades should be very stock specific but positional trades should use any kind of declines as a buying opportunity, says Ruchit Jain, Technical Analyst at Angel Broking.