Benchmark equity indices extended their rally for the eighth straight week, with the Nifty index of NSE closing over 1.50 per cent higher at 11,069 for the week ended January 25 from 10,894 on January 18.
Markets were closed on Friday on account of Republic Day.
On the weekly charts, the bulls have managed to maintain the dominating position. This shows that though there is a possibility of a minor correction, the overall trend remains bullish. In terms of wave structure, the index is forming an extension on the upside and the short-term target of 11,300 is on the cards, said Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan.