Nifty continued its northward journey for the sixth consecutive day as it rose 192 points to close at yet another new high of 15,116 on February 8.

During the last six trading sessions, Nifty gained more than 1,500 points. This indicates that the bulls have dominated the bears and now the intermediate uptrend has resumed again.

In the last week, Nifty closed above its 5- and 20-day EMA which is placed at 14,700 and 14,430, respectively.

In the options segment, we have seen Put writing at 14,700-14,800 levels. This level also coincides with the previous all-time high level which will interchange its role as a support going forward.

Therefore, we believe that the short-term trend will remain intact till Nifty is trading above 14,700 levels.

Nifty has shown a sharp recovery of more than 100 percent from 7,511(March 2020 bottom) to 15,160 (February 8, 2021 high).

Immediate target for Nifty is seen at 15,470, which happens to be 161.8 percent retracement of the entire fall seen from January 2020 to March 2020.