We expect the uptrend to continue initially towards 12,000 and then towards 12,300 levels.
Nifty touched a new all-time high of 11,810.95 and closed at 11,787 levels on April 16. The rally was led by banks, capital goods, energy and FMCG stocks.
However, broader market indices underperformed the benchmark with BSE Midcap and Smallcap gaining 0.12 percent and 0.37 percent, respectively.
The Nifty after consolidating for two weeks below the previous high of 11,760 gave a breakout on the upside and closed at a new all-time high.
The index formed a bullish candle after a gap-up opening indicating follow-through action. We expect the uptrend to continue initially towards 12,000 and then towards 12,300 levels.
On downside, recent consolidation low of 11,550 is now pivotal support with near support at 11,680 for the market.
The stock witnessed breakout in early March from a bullish cup handle pattern on the weekly chart. Since then, for the last four weeks, the stock had been trading in a range of Rs 400 and Rs 380 odd levels at its all-time high levels.
On Tuesday, the stock gave a breakout from the short-term consolidation on strong momentum and good volumes. The price has given a breakout on the upside from Bollinger Band with expansion of bands indicating continuation of trend in the direction of breakout on daily chart.
The Average Directional Index (ADX) line indicator of trend strength has turned up from the equilibrium level of 20 on weekly chart.
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