Nifty has maintained its higher top higher bottom formation on the monthly charts but it could not maintain the same structure on the weekly as well as on the daily charts which shows that while the long-term bullish trend is still intact, the medium-term trend has weakened.

On the daily charts, Nifty could not sustain above its 20-day SMA and it has formed lower top lower bottom price formation which suggests short-term trend has turned bearish.

The index remains above the long-term moving averages of 50-day, 100-day and 200-day SMA which is a relaxing factor.

The RSI plotted on the medium and long-term timeframe can be seen moving downwards.

The key support levels to watch out for in the short term are 14,467 (swing low) and 14,000 (key support), followed by 13,596 (swing low).

On the upside, the key resistance level is 15,051 (weekly high). If the index sustains above this level, we might see it heading higher towards 15,336 (3-week high) and eventually 15,431 (all-time high).

The long-term bullish trend remains intact but in the medium-term, we might see the index in a range between 14,460 to 15,431 levels.