Nifty has almost recovered 78.60 percent from its December 21st low. Two back-to-back strong positive closings after a brutal fall indicate we are in a strong bull market and every dip should be utilised as a buying opportunity.

For the last couple of trading sessions, prices have been hovering marginally above their 21-day exponential moving average.

But after a strong rally of about a percent on December 23, prices have settled above the said average and it will be the next support zone for the index.

The weekly candle gives the replica of a hanging man candlestick pattern but one needs to wait for the next week's candle for the confirmation.

Nifty may face a strong resistance near 13,750 and on the lower end, support is placed at 13,300.

As per the daily chart pattern, Bank Nifty is looking weak compared to the benchmark index Nifty.