Analysts like Vikas Jain of Reliance Securities believe that 12,000-12,150 could be a potential target, before profit booking sets in. However, others like Rohit Srivastava remain cautiously optimistic, as Reliance Industries, a chief constituent of Nifty, remains poised at crucial support of Rs 2167-2170, which if broken could see the Nifty test 11,550 levels.
But weekly options also indicate that bears won’t cede the 11,900 or 12,000 levels without a tough fight. Indeed, data shows massive writing on weekly calls at 11,900-12,000. This tied in with a view among analysts that profit booking could happen around 12,000.
Current, put-call ratio data suggests a slight upper hand to the bulls intraday Tuesday. The range for Nifty till Thursday is 11,800-12,000, intraday options data indicate.