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Nifty tested a fresh lifetime high of 14,913.70 on February 4. The up-move was broad-based as most sectoral indices along with the mid and small-caps also logged gains.

Nifty remains above the long-term moving averages of 50, 100 and 200-day simple moving averages.

RSI is moving higher as the prices rise which points towards the expanding bullish momentum.

Nifty seems to be moving higher and has started the next phase of upside.

The key support levels to watch out for in the short-term are 14,200, followed by 13,600.

On the upside, the key resistance levels are 15,200 (100 percent extension level of the rise from 13,131-14,753.5 projected from 13,596).

If the index sustains above this level, we might see it head higher towards 15,650 (1 percent extension level of the rise from 13,131-14,753 projected form 13,596).

We expect the index to move higher and test 15,200, followed by the 15,650- mark.

If the index breaches and closes below the 14,200-mark, we might see the correction continue and can expect a test of 13,600-mark.