Nifty View

              Virtually all major market indexes have now exceeded their 200-day moving averages. That's a positive sign for the stock market, and adds more weight to the view that a major bottom has been seen.  Legitimate bull markets usually require that the 200-day average also turn higher. For that to happen, stock indexes have to first clear the 200-day line (which they've done). 

              Then, stock indexes have to reach the price level formed 200 days ago. In other words, the latest closing price has to exceed a closing price 200-day days ago. The solid line on top of the chart below shows the 200-day "price channel" currently at 4690. It's doubtful that prices will cross that level in the near future. 

              The dotted  upper line  often acts as resistance in a downtrend. I believe that the market is still in need of some corrective action (or consolidation) before moving substantially higher.  It seems unlikely that the market will continue to rally in a straight line.