Stock picks of the day: 'Buy ICICI Bank, Indian Hotels for short-term gains'

Nifty touched a new all-time high of 11,810.95 and closed at 11,787 levels on April 16. The rally was led by banks, capital goods, energy and FMCG stocks.

However, broader market indices underperformed the benchmark with BSE Midcap and Smallcap gaining 0.12 percent and 0.37 percent, respectively. 

The Nifty after consolidating for two weeks below the previous high of 11,760 gave a breakout on the upside and closed at a new all-time high.

The index formed a bullish candle after a gap-up opening indicating follow-through action. We expect the uptrend to continue initially towards 12,000 and then towards 12,300 levels. 

On downside, recent consolidation low of 11,550 is now pivotal support with near support at 11,680 for the market.