Nifty closed above 12300 levels and formed a small bullish candle on the daily chart as closing was higher than opening value.
Given the consistent rally in the last few sessions, the upside appears to have stretched now and hence the consolidation can be seen in coming sessions, though the overall momentum remains in favor of bears.
The start of the earnings season on an optimistic note led by IT major- Infosys too contributed to the positive sentiments. Nifty traded with a positive bias throughout the session and ended with healthy gains at 12330 levels.
Nifty sustains above 12337 level then upside strength may get extended towards 12400/12450, but that rally on the upside may be shortlived. The overall trend of the market is positive and supports are gradually shifting higher.
Traders to avoid trading in the index but they are advised to look for stock-specific opportunities.
All the sectoral indices ended in the green led by the IT, metal, FMCG, pharma, energy, and bank.