By Subash Gangadharan 

On the daily chart, we observe that Nifty has recently bounced back from a low of 21821 and has been consistently moving higher in the last few sessions. The nifty index continues to hold above a trend line support connecting swing lows of the last three months.

Nifty has also taken out the previous swing high of 22368 and is comfortably trading above the 20- and 50-day SMA. The 14-day RSI too is in rising mode and not overbought.

With the Nifty now breaking out of the 22400-22600 range, the index could move higher towards the current life highs of 22795 in the coming sessions. Crucial supports are now at 22483-22404.

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