On April 9, the benchmark index Nifty witnessed a Pennant Pattern breakout on the daily chart, which could initiate a positive bet for the next couple of trading weeks.

On April 15, Nifty opened gap up and sustained above 9,200 in the first half of the day but gave up its entire gain, closing below 9,000.

For the past three trading days, Nifty has been trading at a 21-day exponential moving average on the daily scale and its major technical indicators remained in buy mode with overall market breadth neutral to positive.

From the bottom of 7,511, the index witnessed a sharp rise till 9,038 and again slid for almost 1,000 points. This fall is almost 61.80 percent Fibonacci retracement from the low of 7,511 to intermediate top at 9,038.

The current chart formation suggests the index is likely to complete its Bearish ABCD Harmonic pattern at 9,646 which will be 161.80 percent retracement of 9,380 to 8,055 level.

Nifty is currently trading in a bullish Zigzag formation which is volatile in nature. Though the market is passing through the phase of uncertainty about whether the recent recovery would sustain or not, there are some stocks and sectors that are showing extraordinary strength in their price movements.