Indian markets began this week on a muted note after gaining for two consecutive weeks.

Traders were seen booking profit at higher levels while options writers were observed adding hefty open interest at 12,000 call strike.

Put writers still hold the maximum open interest at 11,900 strikes which should act as immediate support for Nifty in the coming sessions.

On the technical front, Bank Nifty is facing hurdles in the zone of 23,800-24,000 levels above which, once again, bulls will likely take control.

For the coming sessions, we expect that bias is likely to remain bullish with some stock-specific action.

However, a decisive move above 12,000 will add follow-up buying which could take Nifty towards 12,200.