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Bulls went on a rampage on the first day of the truncated week. The Nifty 50 surpassed the psychological 11,500-mark at the opening of trade on August 20, extended the rally through the day and closed above 11,550 levels for the first time, forming a bullish candle on the daily charts.
It was a broad-based based rally and driven majorly by banking & financials, metals and auto stocks. Positive global cues and recovery in the rupee also boosted investors sentiment.
Experts feel the market is heading towards next target of 11,630, but as the market currently seems to be in a bit of overbought position, some profit booking or consolidation can't be ruled out before moving up again.
The Nifty50 after directly opening above 11,500-mark (at 11,502.10) extended gains as the day progressed and touched an intraday record high of 11,565.30, showing strength for the fifth consecutive week. The index closed 81 points higher at 11,551.80.
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