The market traded rangebound with a positive bias on August 19, but extended gains for the third straight day. The Nifty closed above 11,400 for first time since February and the Sensex gained 86.47 points to close at 38,614.79, driven by banking and financial stocks.
The Nifty climbed to a new swing high of 11,460.35 in early trade and then remained rangebound for the entire session, before signing off with a 23-point gain at 11,408.40. It formed a bearish candle on the daily charts as the closing was lower than opening levels.
"One may expect further upside in the market in the short term, but the narrow range, with a positive bias, is expected to continue in coming sessions," Nagaraj Shetti, Technical Research Analyst at HDFC Securities, told Moneycontrol.
"There is a possibility of the Nifty touching 11,550-11,600 levels in the next few sessions, before showing another round of profit booking from the highs. Immediate support is placed at 11,375-11,350 levels," he said.