The recent 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.
On the weekly timeframe, the Nifty Index has maintained a formation of Higher Highs and Higher Lows which illustrates the positive undertone of the prices.