The 12,000 level will now pose as a barrier in case of any pullback, Ratnaparkhi said.
Data showed 127 of BSE200 stocks have hit their one-year lows this quarter.
Support is at 11,950-11,960, and unless this range is breached, outlook will stay positive.
Nifty50 needs to stay above 12,000 to witness an up-move towards the 12,158 level.
Analysts expect many of these performing counters to sustain their high valuations.
The 12150-12,170 range remains a near-turn resistance range for the index.
Analysts now expect returns from the stock to moderate after a steep rally.
The trend may become bullish, once it crosses above the 12,150 level.
The hikes have been the first in the industry since 2016, and steeper than Street estimates.
"I was expecting a GDP growth figure below 4.5 per cent. For me, it’s a slightly better number."
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