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Nifty on Tuesday ended 76 points lower to form a reasonable negative candle on the daily chart with a minor lower shadow, which technical analysts say indicates a reversal in the short-term.
Nifty on Thursday ended 124 points higher and crossed the 21,800 level for the first time to form a reasonable positive candle at the highs and indicate an uptrend continuation pattern.
The momentum indicator maintains a positive crossover, suggesting ongoing strength. The bullish trend is expected to persist as long as it stays above 21,350 consistently
On the hourly charts, RSI indicator saw a bearish crossover within the oversold zone, hinting at a waning bullishness in the market, analysts said.
The upside recovery of Wednesday from the immediate supports signals chances of further upside for the Nifty in the short term. There is a higher possibility of Nifty moving again into all-time highs of 21040+ levels in the near term.