The Nifty50 reclaimed its record high of 18,604 at last after more than 13 months, continuing an uptrend for the fifth straight session on November 28 and maintained higher highs for the fourth session in a row.
There was also a breakout of long, slightly downward sloping resistance trendline adjoining October 19, 2021 and November 25, 2022. On a weekly basis, it has consistently maintained higher high formation for seventh consecutive week.
The momentum is in favour of bulls but having consistent run-up for the last few days, there could be some bouts of volatility and consolidation can be seen in coming sessions, before taking gradual march towards 18,700-19,000, with immediate support at 18,500 and crucial support at 18,300-18,000 levels, experts said.
"We expect the Nifty to gradually march towards 19,000 mark, as the overall trend remains positive. Participation of the broader market further adds strength to the market," Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, said.