Nifty Made A Close Above 11000. Is The Consolidation Over?

Nifty close 11035.40: Approximately after six months the benchmark index is able to make a closes above 11000. So, is the consolidation phase over? This is the beginning of the new uptrend?
Let’s try to find out what had happened and what might happen next.
As we all know, in recent days the geopolitical situation is not so stableand global growth has also declined. So obviously they are creating an impact on the market. However, this week market moved approx. 180 points on the upside despite all those negative factors.
Technically, there was a break out on 5th March on the Daily chart after the five days’ consolidation. The long candle of 5th March now likely to act as a support in case of any downside takes place.
Let’s dig dipper and explore what different time frame says.
Hourly Technical: In the Hourly chart there is a short term consolidation after an uptrend. Big Moving Average like 100MA (Presently at approx. 10862.26) and 200MA (presently at approx. 10863.33)are below the price. Thanks to this recent up move, the 100MA is about cross the 200 MA from below.
Due to the latest hourly consolidation, Indicators are hovering at their normal zone. RSI is above 50, Stochastic is above 30, ADX is at 25 (approx..) and the CCI is below 0. So there is nothing much from the indicator side except the RSI. It suggests that the momentum is still present and if the index start shooting upward, it will be with the Index.
In case the index start moving upward, the resistance would be from 11125 level and if the index slides, 10750 level will be its support.

(Hourly Chart)

Daily Technical: Nifty ends with a Doji candle. The recent candle is approx. at same level from where the index turned around last week.

Another important factor is that the Index has not made any higher high despite closing above 11000 mark. So a downfall can be expected if the index slides below 11000.

For upside we have 11250 level which is going to act as a short term resistance. In case of support we have same level like the hourly which is 10750 mark. Below this level 10600 is going to be the strong support zone.

On the technical side, RSI is above 60, Stochastic is just below 90, ADX is below 15 and it is trending up and the CCI is above 130.

So overall the sentiment is pretty much strong for the upside. However, next opening (Gap up or Down) of the Index will be the deciding factor.

(Daily Chart)

Weekly Technical: It is a strong bull candle in the weekly chart. As we mentioned earlier after a long time the index has made a close above 11000(It has been almost 23 trading weeks).

The previous week candle was kind of a Doji and the market has crossed above the previous week’s high. So it is a bullish sign but the confirmation will not be there until the latest swing high is broken by the Index.

Let’s discuss the technical, RSI is above 55, Stochastic is trading at 89 (approx.), ADX is below 15 and the CCI is above 120.

So the Bullishness is there but we are missing the strength. One positive factor is that the index has managed to close above all the MA lines in the weekly chart.In case of upside the only resistance would be the upper Bollinger line (presently at approx. 11154.89). In case market slides from this level, 10750 will be the support.

(Weekly Chart)

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(Technical Chart)