Benchmark index Nifty rose for seventh straight session and was trading above 24,600-mark on November 6.
Does this massive rally have more steam left or will the markets take a sharp U-turn? Here's what analysts said.
"Index sustaining above Thursday’s gap area of 23,960-24,296 will keep the bias positive and open further upside towards the August high of 24,774 in the coming sessions. Only a formation of sustained lower high and lower low in daily chart and a close below Thursday's gap area will signal a pause in the current strong rally.
"Nifty has seen a strong up move of more than 2,100 points in the last 9 sessions. Hence, some consolidation cannot be ruled out at higher levels, stock specific action will continue to remain in focus.
"The short-term support in Nifty is revised higher towards 23,600-23,800 levels being the confluence of the 200 days EMA and the current week breakout area, holding above the same will keep the overall bias positive and dips should be used as a buying opportunity," said Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.