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Well, Over the past few weeks, Nifty has been gradually moving higher, and it broke above and maintained the earlier all-time high of 12,430 with confidence in the process. On the hourly scale, to try a new lifetime high of 13,079, the index broke through the 5-day long consolidation and moved above the 13,000 marks.
Simple bar chart analysis shows that a higher high higher low pattern is created by the index, suggesting it is in a bullish mode.Any corrections can be purchased for (buy on dips).
The immediate resistance is put at 13,450, which also happens to be the amount at which the December series' highest call writing can be seen.
Nifty can also carry the extrapolated movements to the next stage of 13,769, which is a 127.2 percent retracement of the previous decline from 12,430 to 7,511.