The last-hour buying helped the market close above the 20,100 mark on the Nifty50, continuing the positive trend and higher highs, and higher lows formation for the third consecutive session on November 30.
The ongoing momentum and renewed FII buying interest indicated the trend is in favour of bulls, who are expected to take the Nifty50 beyond the previous record high (20,222) in the initial days of the December series, followed by 20,500, while the 20,000 may act as an immediate support, experts said.
The trading volume on the expiry day was significantly higher, with the highest-ever single-day buying by FIIs since March 2 this year, which is another positive sign.
The sentiment remains strong as long as it stays above 20,000 since the Put writers at the 20,000 strike will defend this level moving forward," Rupak De, senior technical analyst at LKP Securities said.
He feels the sentiment might weaken only if there's a drop below 20,000; until then, the buy-on-dips strategy is likely to stay prevalent.
On the higher side, "20,200-20,230 acts as a resistance zone. If breached, the index could potentially move towards 20,450-20,500," he said.