After ten consecutive green candles, Nifty closed with a marginal loss of 53 points, or 0.38 percent, on January 6.

On January 6, an intraday dip got bought near the support of 50 percent retracement from its previous intermediate low.

On the weekly chart, the prices have moved up in the unchartered territory. Also, the prices have 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.

Daily RSI (14) continues to settle above its bullish range-shift zone and is currently reading well above 70 levels with bullish crossover.

The market continues to trend higher as bulls are not considering loosening their grip in the short-term.

Going forward, the trend in Nifty may remain bullish to sideways. On the higher end, the rally may extend towards 14,350.