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Bulls have been on the go, touching new highs in every session. Benchmark index Nifty on January 13 retraced to 14,440 levels but found support near 38.20 percent Fibonacci retracement from its previous intermediate low of 14,039 and witnessed a sharp recovery in the second half of the trading session.
India VIX rose 1.94 percent from 22.85 to 23.29 levels. Volatility is moving upwards because of rising Call implied volatility (IV) and now it needs to cool down below 20 zones to form the higher market base.
This week, prices have closed above the resistance of the upper band of the rising channel pattern on a weekly interval.
Daily RSI (14) has closed above the 80 levels which is an extremely overbought zone. Previously on December 18, 2020, when daily RSI reached near 80 levels, Nifty witnessed a sharp single-day fall in the next immediate trading session.
Now it has to continue to hold above 14,450 to witness a fresh move towards 14,750, while on the downside major support exists at 14,325 levels.
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