Nifty has maintained its higher top higher bottom formation on the weekly chart and has managed to sustain above the 15,200 mark after two months which shows a strong bullish undertone of the market for the medium to long-term.

A couple of days back, the Nifty formed change in polarity structure near 14,900 – 14,800 range on the daily timeframe and bounced back sharply after bottoming out near these levels which indicates this range will act as a crucial support zone in the future.

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

The key support levels to watch out for in the short-term are 15,135 (previous swing high) and 14,884 (5-day low).

On the upside, the key resistance level is 15,431 (all-time high). If the index sustains above this level, we might see it head higher towards 15,910 (78.6 percent extension level of the rise from 13,596-15,431 projected from 14,467) and eventually 16,303 (100 percent extension level of the rise from 13,596-15,431 projected from 14,467).