Nifty continues to make a higher high, higher low pattern on the weekly timeframe.

However, on the daily timeframe, we can see that the higher high, higher low pattern has halted, and the index has been moving sideways for the past 4 sessions after facing rejection near 15,243 (50 percent extension level of the rise from 11,535-14,753 projected from the 13,634).

The index remains above the long-term moving averages of 50, 100 and 200-day SMA. The RSI plotted on the medium-term timeframe can be seen rising, indicating that the medium-term trend of the index remains bullish.

In the short term, however, the indicator is going flattish which points towards the ongoing tug of war between the bulls and bears.

The key support levels to watch out for in the short term are 14,865 (23.6 percent retracement level of the rise from 13,596-15,257), followed by 14,622 (38.2 percent retracement level of the rise from 13,596-15,257).

On the upside, the key resistance level is 15,257 which is the weekly high.

If the index sustains above this level, we might see it heading higher towards 15,578 which is a 50 percent extension of the rise from 10,700-14,753, projected from 13,596.

We believe that the medium-term bullish trend remains intact. The price action analysis of the short-term charts shows the possibility of a slight correction.