On the weekly timeframe, the Nifty has exhibited a notable price action development as the index has not closed below the low of prior week for 8 weeks. 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.