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Nifty closed the week strong on the highest point of the week which suggests bulls were in control during the week. The FII’s are long as per the derivative data. Nifty is now at striking distance from the last two higher closings at 18255 which happened on 10th January 2022 and then 18338 which happened on 11th October 2021.
The hourly chart of Nifty continues to be in an uptrend forming higher highs and higher lows.The recent range of 18000 and 18150 needs to be watched for taking further action.A break above 18150 will propel further upmove and a break below 18000 will make the higher high higher low formation on hourly chart complete and Nifty may take a pause or reverse.
Overall the setup looks bullish and chances are that Nifty might attempt new highs in coming days.
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