"Technicals and market F&O data suggests bullish momentum build up," Edelweiss Securities' Head of Forex and Rates, Sajal Gupta told .
"FII buying in equities was more than Rs 1,000 crore for today (Thursday) also indicates the continuity of bullish momentum... Short covering beyond 12,100 levels is also helping the bull run."
As per the provisional data, Bank Nifty had a rollover of 69 per cent from its three-month average of 61 per cent, while for Nifty, it stood at 77 per cent from 72 per cent.
The top incremental roll-over in scrips for Nifty50 included TechMahindra, HCL Tech, IndusInd Bank, Tata Steel and Tata Motors.
"Nifty index continued its positive momentum for third consecutive series and closed at life time high near to 12,150 zones. It has been gradually shifting its support to higher zones while entered into new life time high territory," said Chandan Taparia, VP Research, Derivatives & Technical Analyst, Motilal Oswal Financial Services.
"It has rallied by around 1,500 points in last three series and overall price setup is positive which could drive the next leg of rally as supports are shifting higher."
On expiry-to-expiry basis, Taparia said the Bank Nifty has seen decent outperformance as it rallied by 6.84 per cent and settled the November series at new life timehigh above the 32,100 zone, while Nifty closed the series with the gains of 2.30 per cent.
"We have seen decent rally and participation in many heavyweight counters mainly ICICI Bank, HDFC Ltd, Reliance, SBI, IndusInd Bank, Tata Steel, Bharti Airtel etc. Most of sector contributed except Media and Capital Goods in this rally with bottomed out process was also seen in beaten down PSU and Pharma counters."
( With inputs from IANS )