Nifty closed at a 7-month high with strong momentum across sectors and stocks.

The index is up 9.5 percent while Midcap100 and Smallcap are up 6.9 percent to date from the last expiry.

Among sectors Nifty IT, Bank and Auto are the outperformers, gaining 14.3 percent, 13.3 percent and 10.3 percent, respectively, while Pharma and Metal gained 7.7 percent.

Energy and FMCG are the laggards in the current momentum.

We continue to remain positive with intermediate resistance at 12,050-12,100 levels, which is the lower top from where the sharp correction started in the last week of February 2020.

On the downside, supports are far, in the band of 11,380-11,400 which is the last week's close and the band of averages.

The quarterly earnings season has just started and the focus will be on individual results.