In the last couple of trading sessions, Nifty traded in the red in the initial hours but recovered all losses as the session progressed and ended near the day’s high levels.

This indicates bulls were very aggressive where every dip in the prices was considered as a fresh buying opportunity in the market.

On the weekly chart, the index has moved up in the unchartered territory.

Also, the index has managed to move above 50 -day EMA on the weekly chart, indicating a bullish trend in the price.

Weekly RSI has moved above the previous swing high, which again is an indication of increased bullishness.

Momentum oscillator RSI (14) on the monthly chart has witnessed a falling channel pattern breakout and is currently reading above 60 levels with positive crossover.

Analysing through Elliot wave theory, prices have completed its intermediate fourth wave and an ongoing rally can be considered as an intermediate fifth wave.