The benchmark index Nifty saw a stellar rally in the previous week and managed to trade above the last five sessions' high, which indicates a strong bullish tone in the prices.

The index has formed a flat bottom green Heikin-Ashi candlestick pattern that denotes positive momentum and a close above the last candle’s high is also adding fuel to its bullish journey.

The Nifty is trading above 20, 50, 100 and 200-DMA on daily as well as weekly timeframe, a clear sign that prices are in complete control of the bulls.

Strong buying will emerge on a decisive trade above 11,630 levels, which is the previous three weeks' high.

At the same time, the Nifty has managed to close above the inverse head and shoulders neckline and the target, as per the pattern, is 11,800, which can be achieved if it sustains above 11,150.

The price momentum indicator (PMI) has given a bullish crossover with its average, and as long as it is in buy mode, one can maintain the 'buy-on-dips' strategy.