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Though come volatility is expected in the second half of trade due to the expiry of the December F&O series, analysts expect the strong upward momentum to continue in the coming session. Likewise, they expect the Nifty 50 to hit the 22,000-mark in the near-term.
The market seems to have entered into consolidation mode with hurdle on the higher side at 21,593, the record high, and the support for the Nifty 50 on the lower side at 21,200-21,000 levels.
The net long of FIIs increased from Rs 85,449 crore on Wednesday to Rs 89,782 crore on Thursday.
Nifty recently demonstrated resilience, rebounding strongly from a critical support level at 21,000, affirming a bullish sentiment. The index closed above its 10-day moving average, signaling positive momentum. Key levels to monitor include 21,000 as immediate support and 21,300 as the initial resistance.
Defensive plays, which lagged in earlier trades, took the lead in early morning deals. The Nifty pharma index was up over a percent and the Nifty consumer durables 0.6 percent