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Nifty, for the last 5 weeks, has consistently been forming a higher high higher low pattern and testing the lifetime highs.

In the previous session, the index not only broke the 13,500 mark but also managed to close above it.

On the open interest front, the highest OI of monthly series is seen at 13,000 and the 13,500 Call which seems to be witnessing a long built-up.

On the Put side, the highest participation is seen at 13,000 which seems to be witnessing a short build-up.

We can expect the broader range of the index to be between 13,000 and 13,600. We can see a rangebound move from 13,600 to 13,000 levels.

On the indicator front, they continue to remain above the long-term moving averages i.e. the 20, 100 and the 200-day SMA.

The ADX line is moving higher as the prices march towards the new lifetime high, which indicates strength in the up-move.