One needs to be cautious as May series is a big eventful month, an election outcome month. We are beeting on low-beta sectors like FMCG and Pharma. For the Nifty 11,550 will act as an important support level whereas 11,850 is a strong supply zone. Above 11,850 Nifty may move to 12,000-12200 and below 11500 Nifty may slip to 11,000. We are neutral in Bank Nifty at this juncture. Important support is at 29,400-29,500 will act as important support while 30,200-30,300 is the resistance level. Above 30,300 Bank Nifty may see short covering rally, says Rajesh Satpute, Associate Director- Research, LFS Broking.