The broader market, however, extends consolidation for a third consecutive week as NSE midcap and small-cap closed the week lower by 0.6 percent and one percent respectively.

Nifty in just three sessions recovered it's previous seven session's corrective the decline of 11760 to 11550 points signifying inherent strength in price structure confirming higher base formation around 11550 points level.

The index has formed a higher high and higher low on a weekly scale. In coming weeks, it is being expected that the index to sustain above the previous week's low of 11648 points and eventually head towards 12100 points.

Meanwhile, the stock specific activity would continue amid the ongoing fourth quarter of the year 2019 result season. Historically, anxiety ahead of General Election has always offered a good buying opportunity for investors so any corrective decline from here on will provides a fresh buying opportunity.

In the long term scenario, the index has formed a fresh all-time high as it moved above August 2018 high of 11760 points signaling a structural change in favor of the bulls supported by strong foreign inflow as central banks across the globe turned dovish. Sectorally, Financials, Capital Goods and Consumption are likely to outperform in the long term.