Equity benchmarks gained for a second consecutive week and closed higher by more than one per cent.

Nifty formed a record high of 12158 points during the previous week, however, it closed off the weekly high at 12056 points level. Broader markets outperformed the Nifty midcap and small-cap index closed higher by two per cent each.

The index maintained higher high as well as higher low and closed above the last three week's consolidation range of 12030 to 11800 points indicating strength and resumption of the primary uptrend.

The key point to highlight is that the Nifty midcap has resolved out of the long term falling trend line, at 17150 points, indicating the conclusion of the long term corrective phase. Going ahead, it is being expected that Nifty midcap may outperform the benchmark in the coming weeks.

As the experts do not foresee the index breaching the key support threshold of 11800 points, therefore, a temporary breather from here on should be capitalised on to accumulate quality stocks.

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