Pre-market: 12K in sight; caution ahead

The Sensex is likely to open higher. However, the index may witness resistance at higher levels as it nears the 12,000-mark.

The Sensex is likely to face resistance around 11,960-11,970-11,985 levels. On the downside, the index may take support around 11,870-11,855-11,840 levels.

According to market analyst Shah, the markets are very close to the peak, and the Sensex at the most may target 12,100-12,200 on the higher side. On the downside, the index has a support around 11,800.

Shah advises traders and investors to start booking profits and convert their portfolio to 30-40% in cash. He adds that one must now wait for an good oppurtunity to re-enter the markets.