Mr. Rahul Sharma, Sr. Technical Research Analyst, Equity99.  

On the fifth straight day, nifty closed in green sign at new highs. On technically front NIFTY is in overbought zone. Momentum oscillators are in the overbought zone.
Indian benchmark indices scaled new record high on the back of supportive global cues. Nifty index opened positive and made a new lifetime high. It managed to hold its gains for the entire trading session. Each and every decline is being bought in the market as supports are gradually shifting higher. Now it has to continue to hold above 11380 zones to extend its move towards 11500 then 11600 zones while on the downside major support is seen at 11300 then 11280 zones. Bank nifty index too hit the record high and closed above 28300 zones for the first time. Mid-cap and Smallcap index continuously have seen buying in quality names. On sectorial front, Banking, Metal, real estates stocks and selective IT counters gained while Pharma counters ended in negative territory.

Now NIFTY has strong support at 11440 level, break will take it to 11385 level. Keep strict stop loss of 11385 for buys. On the upper side, NIFTY will face hurdle at 11500 level which is also a psychological hurdle, the crossover will create huge short covering up to 11550 levels.