Nifty started off well with some hope of surpassing the stiff hurdle of 12000, but once again the attempt turned unsuccessful. During the remaining part of the week, the index kept Oscillating around the lower band of the range to eventually conclude tad above the 11,800 mark. Although, it was a week of consolidation for our markets, the overall bias remained on the negative side and hence, any intra-week pull back was getting sold into. Now, with this price development, we can see the trading range getting shrunk further and whenever this happens, soon we get a breakout (on either side) from the congestion zone. On the lower side, 11769 is the level to watch out for. Any sustainable move below this could trigger a sell-off, and the index is likely to head towards 11600-11550 levels.