The Nifty50 may hit 11,900 by June 2019, said Goldman Sachs in its research report, adding that it stayed "overweight" on the broader NSE index.

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On a weekly basis, the overall trend for the Nifty last week was of consolidation as oil prices rose amid a decline in the Indian rupee, said the report. Last week, brent rose 2 percent to $78/bbl, while the rupee fell by 30bps, closing near 72/$ mark.

The NSE index, for the week, corrected by 60 basis points, the report noted, adding that midcap indices fell 1 percent. One basis point is one-hundredth of a percentage point.

Among sectors, auto, public sector banks and consumer stocks dipped by 1-2 percent, while metal stocks provided support.

The report also highlighted that since the start of first quarter results, MSCI India CY18 consensus earnings per share (EPS) has been revised lower by 3 percent.

Foreign institutional investors (FIIs) have sold equities worth $0.7 billion, while domestic mutual funds have bought $12 billion.

That said, August 2018 inflows in pure-equity mutual funds, excluding Equity Linked Savings Schemes (ELSS), balanced, arbitrage fund, slowed for the 4th consecutive month to $1.1 billion, which is a 9 percent month-on-month decline.

The ratio of gross redemptions to sales also picked up in August to 66 percent compared to a 2-year average of 60 percent, indicating early signs of rising redemption pressure.

A positive sign, the report noted, is that inflows via SIPs in August remained resilient at $1.1 billion.

On macro-data, the report highlighted that the August Consumer Price Index (CPI) fell to 3.7 percent led by moderation in food inflation. July IP contracted sequentially to 6.6 percent on YoY basis.

The cumulative rainfall has been reported 8 percent below normal, although 70 percent of overall area has received normal rainfall.

First Published:Sept 17, 2018 1:34 PM IST