On the weekly timeframe, the Nifty50 has thrown up a notable price action development, as the index traded at an eight-week high. Specifically, the index has maintained the formation of higher highs and higher lows.
This upward momentum was observed after a bounce from the 50 percent Fibonacci retracement level, which was calculated based on the prior advance from 15,183.40 in June 2022 to the high of 18,887.60 in December 2022.
