Nifty rallied for more than 85 percent from the lows witnessed in March 2020. The index has managed to sustain above the level of 14,000. It has rallied almost 14 percent above the previous all-time high of 12,430.

However, in the recent rally, momentum oscillator RSI, on the monthly chart, has registered a higher peak and has also broken out from the long-term trendline.

Though Nifty has reached the long-term upward sloping trendline resistance, development on the RSI oscillator indicates the probability of the continuation of an uptrend.

MSCI emerging market, Asian-Ex Japan and world index have broken out from the long-term trendline on their monthly charts.

Breadth indicators such as advance-decline trend, number of 52-week highs and the number of stocks above their 200-day moving averages, hint at a healthy market.