The number of index constituents trading above 200-DMA, another technical indicator, is also favourable. At present, 70% of the Nifty 50 constituents are trading above the threshold — one of the highest among the all major markets, according to Bloomberg data.
Tech View: Nifty forms long wick candle. What should traders do on Monday
The near-term uptrend of the Nifty remains intact with high volatility. The next upside levels to be watched are around 22,500-22,600 in the next week.