Stock picks of the day: HSIL, Surya Roshni could see Golden Crossover breakout; here’s why

Nifty50 closed at the new all-time closing high of 11924 on Monday. The index has recouped all the losses which were seen from 18th April 2019 when the index was trading at 11,856 to 14th May 2019 when it hit 11,108 due to global market weakness.

The Nifty50 has formed a “Cup and Handle” pattern on the weekly charts, which indicates a continuation of the primary bullish trend after running correction.

The immediate target for the Nifty is seen at 12430, which happens to be the 138.2 percent Fibonacci retracement of the entire swing seen from 11760 (Aug 2018 Top) to 10004 (Oct 2018 bottom).

As far as the support level is concerned, it is seen around 11700 for the Nifty.