The market climbed sharply after two days of consolidation and closed more than 1.5 percent higher amid unlock 5.0 guidelines and US stimulus hope on Thursday.
The BSE Sensex surged 629.12 points or 1.65 percent to 38,697.05 amid buying across sectors, while the Nifty50 jumped 169.50 points or 1.51 percent to 11,417 and formed a bullish candle on the daily charts. For the week, the index gained 3.3 percent forming a Bullish Harami pattern on the weekly scale.
"We observe back to back unfilled opening upside gaps on September 28 and October 1, which is indicating positive bias for the market ahead. If Thursday's gap remains unfilled at 11,260 in the next 1-2 sessions, then the present upside bounce could continue for some more period," Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.
"Nifty is now moving towards the next overhead resistance around 11,500-11,550 (down sloping trend line, connected from the lower highs). This could be the last resort for bears to check the bulls in a negative pattern. A sustainable move above 11,620 could negate the bearish implication and that could pull the market towards 11,800 and higher in the near term," he said.