Nifty has been consolidating for the last six weeks in a weekly closing range of 14,550-15,200.

On March 19, the index found support in the gap zone of 14,336-14,469 and registered a sharp recovery.

On the same day, Nifty formed a bullish piercing line candlestick pattern on the daily chart, indicating a short-term bullish reversal.

This week has started with a narrow move where Nifty has formed a small inside bar on the daily chart.

It is yet to form the lower bottom on the weekly line charts to confirm the downtrend. The lower top is already in place but the lower bottom is yet to be confirmed as Nifty is still maintaining its level above the previous bottom of 14,529 on the weekly closing basis.

Last week, Nifty found support on the upward sloping trendline on the weekly charts which indicates that the primary uptrend is still there.

Sectors with positive bias are FMCG, metal, energy and IT. Selective NBFC stocks also look good.

Indicators and oscillators like RSI, MACD and DMI have not been showing any sign of strength in the index.