A morning walk down Dalal Street: Nifty needs to hold 11,000 for further upmove

The S&P BSE Sensex created history as it moved past its earlier record high of 36,443 records in January 2018 to hit a fresh intraday record high of 36,699.53 but witnessed selling pressure in the second half and closed 0.78 percent higher to a fresh record closing high.

The Nifty50 failed to hit a record high but closed above its crucial level of 11,000 in trade on Thursday. 

It looks like investors preferred to book profits at higher levels as the index formed a shooting star kind of pattern which also signals a reversal of the trend.

Overnight selloff in Brent crude prices and positive global markets helped Indian markets to extend gains. 

Nifty is still 148 points away from its all-time high of 11,171, registered on January 2018. Nifty closed above 11,000 for the first time since February 1, 2018.

Gain in the benchmark indices was largely backed by heavy weighted stock, Reliance Industries which surged more than 4 percent, to close at new all-time highs.