Going against its overseas peers, the Indian stock markets closed the week on a negative note on Friday after profit booking emerged prior to the election results.

Traders disregarded other worldwide markets that were trading positively after the US banking institutions stress test emerged without major disclosures.

The stock indices belled the day on a flat note mirroring the worldwide markets and remained range bound.

Strong recovery in Asian stocks and positive European markets later was neglected as investors decided to book profits in an over-bought market.

All the sectoral indices closed in the negative with banks, metals and IT being the worst hit.

The BSE Sensex ended the week at 11,876.43, down 240.51 points, from the previous close. The 30-share index moved between high of 12180.07 and low of 11765.06 intraday.

At this time, the market has broken the 12000 support but has not broken, and stuck around.

This looks to be more like a consolidation after a 700 point single day increase.

An additional sideways consolidation is not rejected, and investors should not forget that the market has a strong resistance at 12546.

The support for the Sensex is 11369 and the resistance to the up move is at 12317-12546.