Bulls kept the market charged up last week, despite some volatility because of global factors, and pushed Nifty50 firm up above the psychological 18,000 mark with support at 17,900. After recent policy meetings, volatility too cooled down considerably to below 16 levels, giving more headroom to bulls.
The 50-share NSE benchmark gained nearly 2 percent during the week ended November 4 to settle at 18,117 on Friday with all sectors participating in the rally.
The Nifty50 traded firmly above all important exponential moving averages, and maintained higher high higher lows for the third straight week.
If the upbeat momentum sustaining, this week, though a truncated one because of Gurunanak Jayanti on November 8, may see the index may marching towards its last week's high of 18,178, followed by 18,350 (the high of 2022). If the index manages to sustain these levels then a record high of 18,604 can't be ruled out, with strong support at 18,000-17,900 levels, experts said.