Last week, the market registered a new high of 12,769.75 which was followed by some consolidation ahead of the Muhurat trading session.

Eventually, the market concluded above the 12,700-mark by adding nearly four percent on a weekly basis.

In the next-to-last week, we had witnessed a ‘Bullish Flag’ breakout around 12,050 and since then, the market never looked back.

With its marathon rally in merely eight days, markets are very much in a commanding position.

From hereon, we can see a brighter picture till the next Samvat.

Looking at the daily chart, we can observe a couple of encouraging developments on charts.

The ‘RSI-Smoothened’ is moving northwards after entering the bullish territory above 70 and adding to this, the ‘ADX (14)’ is becoming stronger as we can see its value rising well above the 25-mark.

Generally, when we see these conditions together, it provides impetus to the rally.