Monthly Chart of Nifty.. heading higher possibly.
The highs retraced but stayed above the previous high and made another dash to the high followed by a dip (Higher low perhaps) then went to make a fresh high. from 6k and then from 9k a similar play is being carried out. Let's see how this take us forward
If you see on monthly, nifty has managed to stay above the clound way back from 2006. Except for a brief period in 2006, Chikou, a lagging indicator has stayed above or close to the price. Hindsight provides lot of information.. but for now looks to be in strong hands.. continue to look for a weak close on monthly for bearish outlook