11900-11930 could act as a major resistance for NIFTY. Despite small and mid caps correcting large Nifty companies have rallied giving us a psuedo feeling that markets making new highs while atleast 50% stocks are making new lows.

Last few months despite global trade war fears equity markets have rallied but it only makes valuations more stretched in a already overvalued market. Any minor trigger could bring it down.

Nifty closed today at 11691. It can rally towards 11900-11930 in this week and form a short term top at these levels. If the above is the case we should witness a correction till 10700 levels on Nifty.

Suggest short term traders book profits and sit on cash. Liquidate all leveraged long (buy) positions.