As we entered the new week, there was a strong session in the Indian market. The Nifty 50 index ended the day with gains and went on a spurt amid the breadth of a weak market. The market saw a flat start and soon slipped into negative territory in early deals, but soon recovered to return to positive territory. It remained in a slowly rising trajectory and maintained its gains throughout the day.
Volatility also continued to decline. The headline index formed and closed at a new lifetime high with a gain of 147.15 points (0.95 percent).
Another related factor is the India VIX index, which declined 2.97 percent to 16.8850. It remains at one of its lowest levels of recent times.
You can see the strength in the market during the day. On Tuesday, 15,620 and 15,675 levels are likely to be seen as resistance points. Support comes at 15,500 and 15,410.
The relative strength index (RSI) on the daily chart is 69.23; It has formed a new 14-period high, which is bullish. However, the RSI remains neutral and shows no difference in the price. The daily MACD is fast and stays above the signal line.
Pattern analysis shows that the Nifty 50 gauge has attempted a breakout from the double top resistance point of 15,431, which was also the previous lifetime high for the market. This breakout will remain in force as long as Nifty 50 is above this point.