The Indian markets are expecting rate cuts in the coming MPC meet. The sectors that did well were realty and PSU Banks while pharma did not do well. The daily charts have formed a bullish candlestick pattern. Market looks positive, however there may be some volatility that may come by. Stay stock specific, trade with caution on the upside. Resistance for Nifty is at 12000-12040 whereas on the downside support is at 11850 levels, says Dinesh Rohira, CEO, 5nance.com