Nifty has formed a smaller degree rounding bottom formation on the daily chart after retesting its 21-day exponential moving average on the daily timeframe chart.

The index, on the intraday chart, has given a horizontal trendline breakout and has sustained above the same.

Momentum oscillator RSI (14) is hovering near 55–65 level with positive crossover on the daily interval. The overall structure on the indicator suggests RSI may soon revisit the 70-level which is its prior resistance zone.

Most of the Asian equity benchmarks traded in the green on March 10 as the market sentiment got boosted with the bond yields holding back ahead of auctions in the coming days and greater momentum in the vaccination drive.

India VIX for the last three trading sessions has been forming red candles on the daily chart and on March 10, the volatility index drifted almost 8 percent to close below 21-level.

As the India VIX slips lower, there will be a cooling-off in the market volatility with a clearer trend.

The base support for Nifty50 has shifted above 14,850–14,900 level. Any dip towards those levels can be used as a 'buy on dips' opportunity.

The current rally looks quite convincing and the index may touch 15,400 or maybe a new lifetime high in the coming trading sessions.