The short-term perspective breakout that has happened may lead to greater upside in the near-term and the Nifty could move to 11300-11400 levels in the next few weeks, said Gautam Shah, associate director and technical analyst of JM Financial.

"I would like to believe that this market is setting up for much higher level and over the medium-term, by the end of this year, you could see the Nifty trading closer to 12000 levels,” said Shah.

The BSE Sensex scaled fresh record high in early trade on Thursday, while the NSE Nifty reclaimed 11,000-mark for the first time since February 1, 2018.

The market overcame the wall of worry and managed to hold on to support levels by not reacting to adverse newsflows such as foreign institutional investor (FII) outflows, midcap carnage, higher oil prices and currency weakness, Shah said.

The midcap pain is behind now and the recovery is on the cards, according to Shah.

"Fall in midcaps has got arrested and it could be a great opportunity to buy into them," he added.

First Published:Jul 13, 2018 11:25 AM IST