Nifty : Time to Consolidate

Nifty consolidates the recent 2-day sharp sell-off with a flattish close in the last trading session. The underlying trend is still very much UP and we did not have any confirmed sell setup at the top when the index was trading above 12,000. The underlying momentum has slowed down a bit which gives an opportunity to buy-on-dips strategies. Strategically, it is prudent to stay bullish in the overall market with supports of 11,800 and upside resistance at 12,000. On this intra day 15min chart, we observe a clean rising channel which the index needs to break above and sustain for further upsides.