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Nifty traded in a narrow range throughout the day on November 18 but a sudden spike in the last hour of the session stretched the index to close above the 12,900-mark.
In the previous week, Nifty formed a bearish ABCD harmonic pattern on the daily chart which was placed around 12,800 levels.
The index consolidated for almost 4 days, respecting its resistance, but later on, prices broke its consolidation on the higher side and failed the said bearish pattern.
Now, as per the concept of polarity, previous resistance will act as support in the near-term.
On the daily chart, prices have moved up in the unchartered territory. Also, prices have managed to move above 50-day EMA on the daily chart, indicating a bullish trend.
Daily RSI has moved above the previous swing high, which again is an indication of increased bullishness.
The overall bias is likely to remain positive. On the higher end, the index may move towards 13,050.