On the monthly chart, the Nifty formed an Outside bar candle which indicated an increase in the volatility of the prices.
On the weekly chart, prices have given a confirmation of the Hammer pattern by sustaining above the prior week high at the same time taking support from the 20-week SMA (simple moving average - 16,855).
Prices on daily time frame are maintaining higher top, higher bottom pattern while sustaining above 5-day high.