Nifty closed at 12,690.80 on November 12. All the positive news flow with respect to US Elections and second-quarter results are over and we do not have any major news flow to drive the markets from the current levels.

Bank Nifty has also moved up 40 percent since the September expiry lows and multiple resistance near 28,800-29,200 levels would cap the upside.

We expect the markets to consolidate and it may turn weak from here if any negative news flow or global market volatility emerges.

The outperformance of mid and small-caps could continue and we remain positive on the Midcap100 index to test 18,500 levels.

Pharma could remain an outperformer as it has witnessed double bottom near 11,000 levels, witnessing a sharp up-move.