Nagaraj Shetti, Technical Research Analyst, HDFC securities:

A reasonable long candle was formed today with minor upper and lower shadow with sharp opening upside gap. This pattern indicates a sharp upside momentum prevailing in the market. Though, Nifty placed at the hurdle of previous lower top at 11,700 of July 17, still there is no indication of any reversal pattern in the Nifty at the highs.

The short term trend of Nifty is sharply positive, having moved up sharply in the last couple of sessions, there is a possibility of consolidation/minor downward correction at the highs before showing further upside. The near term upside levels to be watched at 11,800.