Nifty halted its minor profit-booking near 23.60 percent Fibonacci retracement from its previous intermediate low and closed above 14,600 with a gain of nearly a percent on January 20.
The benchmark index is trading within a rising channel formation on the daily chart which confirms the higher high higher low formation.
India VIX, after facing a stiff resistance near 25.50 levels, has closed below 22 levels, drifting six percent lower for almost two consecutive days.
Momentum oscillator RSI (14) seems to have completed its double-bottom formation near 60 levels, which indicates RSI has formed base support near 60 levels and the initial trend for the index would likely be on the higher side.
We assume that the short-lived correction is probably over and the benchmark index is ready for its next leg of impulse wave which will stretch Nifty to trade in unchartered territory.
As the market is inching higher, there is an upshift in support level which is placed at 14,300 levels. A breach of 14,300 mark will test a lower band of a rising channel pattern near 14,150 levels. While Fibonacci projection suggests 14,830 will be the next resistance to watch out for.