Nifty has been able to hold the support of 11,540 as it witnessed a strong up-move across sectors and stocks.

The pullback in global markets from lower levels and positive earnings of companies such as ICICI Bank and SBI triggered the strong up-move in financials and Havells, Sun Pharma in their respective sectors.

The monthly auto sales numbers were promising and the festival season ahead may help to maintain strong traction.

The pharma sector has also seen a pullback from lower levels reinstating confidence after a minor correction.

Nifty has crossed its multiple resistance levels near 12,000 and one can expect a new high with mid-caps and small-caps outperforming the broader markets.

India VIX has also cooled off from the high of 26 levels, indicating lesser volatility going ahead.