Nifty may touch 11,500 this week.

The market rally is likely to sustain going forward with some of the laggards, such as ICICI BankNSE 2.75 %, Axis Bank and select public-sector banks, showing signs of recovery. According to technical analysts, the Nifty is expected to touch 11,500 this week itself, and several pharma and PSU stocks look attractive for investment.

The chances of the Nifty moving higher towards 11,600 or 12,000 are possible, and the index going below 10,910 indicates caution. Nifty’s 200DMA of 10,567 and 50DMA of 10880 are also important levels to watch out for in case a correction comes. The market is in an unchartered territory, and now quality beaten-down stocks would see a good rally. So far, the market has rallied because of select heavyweight large caps, and if this rally has to sustain, the other sectors and stocks should play a catch-up game. Else, the overall market might see a fall.

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