The market continued its rally for the second consecutive session on February 12 after the positive momentum in global peers amid reports that the risk of coronavirus spreading further is fading away.
The BSE Sensex climbed 349.76 points to 41,565.90, while the Nifty50 rose 93.30 points to 12,201.20 and formed a bullish candle on daily charts.
"The underlying trend of Nifty continues to be positive. A sustainable move above the next overhead resistance of 12,272 (swing high of January 24) could increase the chances of Nifty moving into new all-time highs, just above 12,430 levels," Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.
"The Nifty failing to sustaining above the resistance of 12,270-12,280 levels in the short term could drag it down to the lower supports. Immediate support is placed at 12,160 levels," he added.