NSE index gained as much as 0.73 per cent and broke above a resistance at 11,971.23. The resistance at 11,971.23 was identified as the 38.2 per cent Fibonacci projection level of the uptrend from May 14 low to May 23 high.

The breakout suggested that index may test the next resistance at 12,081.27, the 50 per cent projection level. Some resistance was also expected at 12,041, the high hit on May 23.

Wave pattern suggested, the index is in the third wave of a five-wave uptrend. The index has support at 11,971.23 and 11,835.08, apart from the support from its 20-hour exponential moving average.

As of last close, the index is up 9.97 per cent this year, outperforming the broader MSCI's Asia Pacific ex-Japan local currency index's 5.79 per cent gains in the same period.