The record-breaking run of the benchmark indices continued for the eighth consecutive session on December 1, led by positive global cues and macroeconomic data.
The BSE Sensex jumped 185 points to 63,284, while the Nifty50 rose 54 points to settle at 18,812 and formed a bearish candle on the daily charts as the closing was lower than opening levels and there was profit booking at higher levels.
"A small negative candle was formed at the highs, technically this pattern indicates tiredness in the market at the highs. Though Nifty slowed down its momentum at the new highs, there is no confirmation of any negative reversal pattern unfolding at the highs. Hence, the short-term uptrend remains intact," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
The positive chart pattern like higher tops and bottoms is intact on the daily chart and still, there is no indication of any higher top reversal pattern forming at the highs.