It has been a week to remember for all the good reasons as benchmark indices Nifty and Sensex hit all-time high levels. Some short covering, too, aided the benchmark to enter uncharted territory.

The Nifty50 which broke out from a Symmetrical Triangle pattern two weeks back continues to build on the current up move.

Projections indicate that the Nifty is on its way towards its potential near-term target of 11,350-11,400 levels. While support levels continue to shift upwards. The short-term support is seen around 11,000 levels.

Bank Nifty, on the other hand, has begun participating in the current up move and the next leg of the rally in the market is likely to be led by the banking space.

A close above the 27,400 levels has confirmed a fresh breakout which indicates that even Bank Nifty is on its way to break past its previous all-time high of 27,652 levels. We further expect Bank Nifty to rally towards its potential target of 28,000 levels in the near term.

The bounce that we were expecting in the mid and small-cap space is finally playing out pretty well. Nifty Midcap 100 index registered 3 percent gains while the smallcap index garnered around 4 percent during the week. We expect this momentum in the broader space to continue.

The stock has been in a declining mode for quite some time and has finally broken out from a Symmetrical Triangle pattern on the daily chart.

SBI has also surpassed its long-term 200-DEMA and also convincingly closed above the same. The Relative strength index also confirms that the current strength is likely to get extended further.

We believe the stock has a potential of moving higher towards its potential target of Rs 315 in the medium-term.

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